OPEC members have opted to drop their use of data from the International Energy Agency (IEA) in their monthly reporting.
Instead, the oil producers’ group will adopt Wood Mackenzie and Rystad Energy data as secondary sources.
A statement from OPEC said the conference had a “short meeting” and approved the move with immediate effect.
OPEC provides two sets of numbers in its monthly reports. Its members communicate their production figures directly to the secretariat in Vienna.
The second is an amalgam from a number of reporting agencies.
In addition to WoodMac and Rystad, the secondary sources number comes from the incorporation of data from Argus Media, Energy Intelligence, the US Energy Information Administration (EIA), IHS Markit and S&P Global.
New applications
Rystad CEO Jarand Rystad welcomed the news in a LinkedIn comment.
“We are very proud of OPEC+ recognizing Rystad Energy’s data and analysis by selecting us as their advisor. Given the significance of OPEC+ and its Member Countries in global energy markets, we look forward to supporting and assisting the organization,” he said.
“We look forward to applying our data and expertise as we embark on this assignment.”
WoodMac said it was “honoured” to have been appointed as a secondary source.
“After a due diligence process by OPEC, we are delighted to meet their exact standards as a trusted source of objective production numbers from Wood Mackenzie’s Macro Oils Service, Oil Supply Tool, and leading oil market analysis.”
The IEA acknowledged OPEC’s decision. The agency said its “data and analysis remain available to all those seeking rigorous and objective market information. To support transparency, the IEA will henceforth make its monthly update on OPEC+ oil production available to the public.”
The IEA and OPEC have taken different tacks on a number of fronts, not least how investment should be deployed in the energy sector.
Furthermore, while the IEA has backed efforts to curb oil prices through the release of emergency stocks, OPEC has downplayed the invasion of Ukraine as “geopolitical developments”.
The IEA, in its recent monthly report on the oil market, cut its forecast for demand in 2022. The agency expects demand this year to reach 99.7 million barrels per day, up 2.1mn bpd from 2021.
OPEC, meanwhile, acknowledged uncertainty given the invasion of Ukraine. However, it still expects demand to grow this year by 4.2mn bpd.
Updated at 6:02 pm with comments from Rystad and WoodMac.
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