- Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), which represents industrialised countries, are sending divergent signals to investors on oil market strength in 2024 and, for the longer term, about the speed of the world’s transition to cleaner fuels.
- In February 2024, the IEA predicted demand will rise by 1.22 million barrels per day (bpd) in 2024, while in its February report OPEC expected 2.25 million bpd.
- The IEA expects oil demand to peak by 2030 as the world switches to cleaner fuels. OPEC dismisses that view.
- OPEC reiterated its forecast that till 2045, it does not see a peak.
- IEA is a Paris-based autonomous intergovernmental organisation, established in 1974, comprising of 31 member countries and 13 association countries representing 75% of global energy demand.
- IEA was set up under Organisation for Economic Co-operation and Development (OECD) framework in the aftermath of 1973 oil crisis.
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