OPEC has decided to replace the IEA with Wood Mackenzie and Rystad Energy for its data processing for assessing OPEC member countries crude oil production. This decision was taken by the member states Thursday during the 183rd Extraordinary Meeting of the OPEC Conference held via video conference.
The organization added that the decision was approved with immediate effect.
OPEC Secretary General Mohammad Barkindo is strongly supporting easing measures on the transparency of data, through meetings with affiliated organizations including divisions
responsible for preparing secondary reports. According to Barkindo, OPEC aims to improve data accuracy and timing.
IEA, the adviser to major western governments on energy policy is scheduled to hold an urgent meeting tomorrow, Friday to discuss collaborated works and evaluate the current oil market conditions.