OPEC and IEA clash over diverging oil demand forecasts and energy transition approach

OPEC raised its medium- and long-term oil demand forecasts, expecting global demand to reach 116 million bpd by 2045. This diverges from IEA's prediction of peak oil demand before 2030.

OPEC said $14 trillion in investments are needed to meet its oil demand forecast. It criticized calls to stop new oil projects as "misguided."

IEA's chief said fossil fuel demand will peak before 2030, a "historic turning point" but not enough for 1.5C climate goal.

OPEC criticized IEA's forecast as "extremely risky," saying it could lead to energy turmoil if investments are undermined.

The relationship between OPEC and IEA has been increasingly fraught over oil demand forecasts and approach to energy transition.