OPEC rejects IEA's supply surplus forecast

 Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham al-Ghais dismissed the International Energy Agency's (IEA) projection that the global oil market will face a supply surplus next year.

"What does the IEA see that OPEC and the rest don't see?" he told CNBC in an interview on Thursday, adding that OPEC focuses "on fundamentals and not putting many ifs and buts in our forecasts, but rather focusing on actual numbers." He also welcomed a peace deal between the United States and Iran, but stressed that it is "premature" to speculate on the outlook. "I think what the last four months have really proven is just how critical that waterway is not just for OPEC producers, but for Middle Eastern producers and global energy markets," he noted.

The day before, the IEA warned that the end of the Middle East conflict could lead to a sharp increase in supply volumes and result in a significant oil supply glut next year.

https://breakingthenews.net/Article/OPEC-rejects-IEA's-supply-surplus-forecast/66534794