Saudi Arabia Leads OPEC Decision to Drop IEA Data as US Ties Fray

One of the sources went as far as to describe the situation between OPEC and the IEA as a “cold war” and blamed the IEA for starting it, according to a Reuters report.

Maha El Dahan, Dmitry Zhdannikov and Alex Lawler, Reuters

A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about U.S. influence on the figures, sources close to the matter said, adding to strain on ties between Riyadh and Washington.

OPEC and allies including Russia, a group referred to as OPEC+, have so far ignored Western calls to increase output to try to lower oil prices of around $100/bbl.

The issue is delicate as expensive energy, in part because of Russia’s war with Ukraine, has stoked inflation and as U.S. President Joe Biden faces pressure to lower record U.S. gasoline prices ahead of mid-term elections in November.

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