OPEC, IEA differ on demand outlook due to assumptions, IEF says

OIL SHIELD: The IEF was established to discuss international energy security (Getty Images)

OIL SHIELD: The IEF was established to discuss international energy security (Getty Images)

The International Energy Agency and OPEC differ in their oil demand forecasts mainly because of assumptions on energy and environmental policies, the Riyadh based International Energy Forum (IEF) said.

These factors are “one of the key drivers for the energy outlook,” the IEF said in a statement on its website on Saturday. “They are at the same time one of the most uncertain areas for the outlooks.” The IEF is a group of nations that account for more than 90 percent of global oil and gas supply and demand, and was established to discuss international energy security.

The IEA expects demand for crude oil to rise to 92.3 million barrels a day in 2014 from 85 million in 2010, while OPEC expects it to reach 89.9 million from 84.5 million over the same period.

OPEC’s secretary general Abdullah el Badri and IEA’s executive director Nobuo Tanaka will meet on Jan 24 in Riyadh, according to the IEF. They will discuss prices, supply, and demand, it said.

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