The OPEC oil cartel and the IEA, the International Energy Agency created in response to the Arab oil embargo in the 1970s, have grown so far apart in their forecasts of global oil demand and energy system needs that their nearest-term and long-term demand projections are a world apart. OPEC sees global oil demand growth this year at just over 2 million barrels per day (bpd), even after slightly lowering the estimate in the past two months. In its latest assessment, the IEA believes growth would be below 1 million bpd. That’s a huge gap of…
