OPEC+ Ditches IEA Data for Assessing Compliance Amid Rift
- Ministers to discuss removing IEA figures from output estimate
- The groups have been criticizing each other more frequently
Petroleum cracking towers at a refinery in Nizhny Novgorod, Russia.
Source: Bloomberg
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The Organization of Petroleum Exporting Countries and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas amid a deepening rift between the two institutions.
OPEC, which includes the IEA as one of six external sources to assess members’ output, may make a formal ruling on the matter when ministers gather on Thursday.