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OPEC is considering whether to exclude oil production estimates provided by the International Energy Agency (IEA
).
In the months leading up to that, both OPEC and the IEA issued more strident criticisms
.
People familiar with the matter said ministers would discuss the issue
on Thursday.
The technical committee, which represents the broader OPEC+ alliance, has decided on Wednesday to replace the IEA's numbers in its compliance assessment, according to a person familiar with the matter
.
It marks the culmination
of months of contention between the IEA and OPEC, which represent the interests of major energy consumers.
The two groups have tried to work more closely together for several years, but the bitter energy crisis that has hung over the market over the past six months and efforts to curb carbon emissions have become increasingly difficult
.
Saudi Energy Minister Abdulaziz bin Salman scoffed the IEA's proposal on how the world could avoid undermining climate change as "La-La-Land
.
" As oil prices continued to rise since last year, OPEC+ ministers shifted the buck to the agency, saying it hindered investment in
vital resources.
After the outbreak of the Russo-Ukrainian War, the rift between OPEC+ and IEA deepened
.
Fatih Birol, the IEA's executive director, said he was disappointed
by OPEC+'s lack of response to the crisis.
The crisis pushed crude oil prices above $100 a barrel
.
As OPEC rejected U.
S.
demands to increase oil production, the IEA led the first coordinated release of member countries' emergency reserves of oil in more than 10 years in an attempt to keep oil prices
down.
The IEA provides a set of six sets of production data that make up the "secondary source" estimate
of crude oil production in OPEC's monthly report.
The OPEC+ Joint Technical Committee decided to replace IEA data with data provided by Wood Mackenzie Ltd.
and Rystad A/S to assess the extent
to which OPEC member countries comply with production quotas, people familiar with the matter said.
Whether OPEC will do the same will be revealed on Thursday
.
As of press time, the IEA's news department was unable to comment immediately
.
