2024-05-10 04:57:03
OPEC is preparing for important changes in its monthly oil market reports. Day.Az reports this with reference to Reuters.
According to the publication, the Organization of Petroleum Exporting Countries will refuse to publish calculations of global demand specifically for its own oil.
Instead, OPEC will focus on demand forecasts for a broader group of producers – the OPEC+ group. It includes both cartel countries and non-cartel states, the largest of which is Russia.
This step is related to the deepening of cooperation between OPEC and OPEC+ partners in matters of agreeing on a joint policy for oil supplies to the world market. Previously, the secretariat in Vienna provided an estimate of so-called “OPEC demand” – a figure that was closely monitored by analysts and traders as an indicator of the market situation.
However, now, according to sources, the organization will only publish figures on the expected oil demand of all participants in the Declaration of Cooperation – the official name of OPEC+. This is explained by the increased importance of the agreement as the main mechanism for coordinating the actions of producers.
The transition to a new methodology may affect the work of experts analyzing the oil market. OPEC+ does not have a permanent headquarters and is a more flexible alliance compared to the OPEC cartel itself. The first data on the demand forecast for the entire expanded group have already been published in the organization’s April report.
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