OPEC to stop using IEA data
OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic. PHOTO: REUTERS
A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about US influence on the figures, sources close to the matter said, adding to strain on ties between Riyadh and Washington. The OPEC and allies including Russia, a group referred to as OPEC+, has so far ignored Western calls to increase output to try to lower oil prices of around $100 a barrel. The issue is delicate as expensive energy, in part because of Russia’s war with Ukraine, has stoked inflation and as US President Joe Biden faces pressure to lower record US gasoline prices ahead of mid-term elections in November. Any willingness on the part of Riyadh and its allies to help the US has been eroded as Washington has not addressed Gulf concerns about Iran at nuclear talks in Vienna.
Published in The Express Tribune, April 13th, 2022.
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