IEA, OPEC oil supply forecasts challenged

In the global petroleum industry, many major organizations tackle the job of forecasting future oil supplies.Because the present standard forecast horizons are for 2010 and 2020, forecasters are taking little risk of being proven wrong, especially in a world that ticks ever faster. By those dates, who will remember forecasts made now? The Organization of Petroleum Exporting Countries and the Paris-based International Energy Agency-the oil-sharing mechanism for members of the Organization for Economic Cooperation and Development-are among the organizations that release such forecasts. Click here to enlarge imageFor oil supply forecasts, a decade sounds like eternity. Even a 2-year span ca...

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