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What is the reason for OPEC's decision to stop publishing its estimates of the volume of global demand for oil?
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Baghdad today - Baghdad
Today, Friday (May 10, 2024), oil expert Hamza Al-Jawahiri revealed the importance of OPEC’s decision to stop publishing its estimates of the volume of global demand and the possible reasons behind it.
Al-Jawahiri told "Baghdad Today" that "OPEC took such a decision because there were inaccurate estimates and behind these estimates there were political and market goals by giving misleading and incorrect information, while OPEC gave accurate estimates to the market's needs and according to scientific studies."
He stated that "OPEC's decision will have a positive impact as it will stop the contradictions in estimates of the global oil market's need. There are estimates coming out of countries outside OPEC that even give oil prices differently from the accurate global oil prices."
The oil expert added, “This contradiction affects oil prices and their stability, and that is why OPEC’s decision came.”
Earlier, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, confirmed in press statements that the organization will stop publishing its estimates of the volume of global demand for its crude oil in its monthly oil report, and will focus instead on oil demand forecasts issued by The broader OPEC+ alliance.
He added that this is normal, healthy and normal, and that OPEC will provide a full explanation of the reasons that prompted it to do so in its monthly report, which will be published next Tuesday.
The change reflects what has become a long-standing cooperation between OPEC members and the broader alliance in making collective decisions about oil supplies.
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