The Organization of the Petroleum Exporting Countries (OPEC) has said it will stop using International Energy Agency (IEA) data to assess compliance with OPEC member production quotas.
According to the Anadolu agency, the decision was made after an extraordinary meeting held via video conference on Thursday.
OPEC has agreed to replace the ILO with consulting groups Wood Mackenzie and Rystad Energy as secondary sources, while assessing crude oil production levels in the Member States.
As announced, the decision will enter into force immediately.
The ILO provides one of six sets of production figures that make up the estimate of OPEC’s monthly report on “secondary sources” for oil production.
The IOC and OPEC have been at loggerheads for some time, as the latter comes under pressure to increase production to ease rising oil prices and ease the market amid supply concerns.
The agency also launched an international movement to release 60 million barrels of oil from emergency reserves in member countries, including the United States.
Source: Capital
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