IEA refutes criticism

IEA refutes criticism

Azerbaijan, Baku, Nov. 13 / Trend A. Badalova /

The International Energy Agency (IEA) refuted widespread criticism of its independence after a scandal this week in an e-mail to Trend , stating that such accusations are groundless.

A statement by a high-ranking IEA source incriminating the agency of deliberately overstating forecasts on world oil reserves caused much debate this week.

According to a source cited by the British newspaper the Guardian, the IEA intentionally overstates its estimates of oil reserves under U.S. pressure so as not to cause a panic on the market.

In its report "World Energy Survey 2009" published this week, the agency forecasts a global increase in oil production to 105 million bpd in 2010 compared to today's 83 million.

The accusations made toward the agency may not be baseless.

The U.S. initiated the establishment of the IEA after oil crisis in 1973-1974. The U.S. hoped to create an organization opposing OPEC.

The major purpose of the agency was to promote international cooperation in improving the global structure of energy and energy services demand and supply.

Today's revaluation of oil reserves is not the first such incident in world history.

A scandal occurred at the British-Dutch company RD / Shell five years ago, when it became known that the oil company's reserves were overstated by 20 percent.

The results of the scandal were disastrous, leading to the resignation of three top managers and Shell issuing monetary compensation to shareholders. Ultimately Shell reduced its preliminary assessment by nearly four billion barrels.

However, the current situation with the IEA may have more consequences. Annual reports on world power engineering issued by the agency are popular across the world. Thus, many countries use the IEA forecasts to develop their state strategies, especially the UK. Accusations against the agency could cause serious damage to its reputation as an independent organization.

Commenting on the source's statement in the Guardian, the IEA said all accusations against the agency are unfounded.

"We find these groundless allegations logically inconsistent. IEA analysis is independent and neutral. In fact, we have been warning for years that we need more investment to compensate for the decline in production at mature oil fields," an IEA official representative wrote Trend in an e-mail.

According to the IEA, decline rates could increase significantly from 6.7 percent today to 8.6 in 2030. Even if oil demand remains flat, another 45 million barrels of oil of gross new capacity will be needed to offset the decline, the agency representative said.

Do you have any feedback? Contact our journalist at: [email protected]

Azerbaijan sees growth in retail turnover of ICT products from early 2021
Azerbaijan sees growth in retail turnover of ICT products from early 2021
Iran - P5+1 on right track in Vienna talks - Deputy FM
Iran - P5+1 on right track in Vienna talks - Deputy FM
1Q2021 volume of sold food products in Azerbaijan's trade network up
1Q2021 volume of sold food products in Azerbaijan's trade network up
Loading Bars
IMF eyeing support to Kazakhstan's cybersecurity and risk management sectors
Azerbaijan sees growth in retail turnover of ICT products from early 2021
Iran - P5+1 on right track in Vienna talks - Deputy FM
Italian Senate delegation visits Azerbaijan's liberated Aghdam (PHOTO)
Islamic Solidarity Games-2021 may be postponed - Federation's Executive Committee
Azerbaijan’s pipeline gas deliveries set to increase by over 15%
1Q2021 volume of sold food products in Azerbaijan's trade network up
Denmark speeds up reopening as epidemic stabilises
Azerbaijan IT company monitoring performance of financial structures
Kazakhstan carrying out several projects to boost local cars manufacturing
Turkmen-Chinese partnership has potential in number of areas
European new car sales jump 87% year-on-year in March
Kazakh-German oil extracting JV opens tender for design documentation dev't
Azerbaijani oil prices disclosed
Azerbaijani gas among drivers of Eurasian gas output growth in Q1 2021
None of Armenian PM's statements worth meaningful comment - Azerbaijani MFA
Axpo plans to produce green hydrogen
Oil climbs to four-week high on strong China data, demand revival
Azerbaijani insurer reports profit growth year-on-year
Kazakhstan's trade structure with EAEU countries for 2M2021 unveiled
Azerbaijani currency rates for Apr.16
Azerbaijan shares footage from Aghdam's Baghbanlar village (VIDEO)
Azerbaijan records high demand for underwriting services in local capital market
Coca-Cola Amatil votes in favour of European bottler's $7.68 bln takeover deal
Share of Azerbaijani gas in Greece’s imports reach 18%
Armenia violating int'l legal principles by refusing to give up minefield maps - Chair of Azerbaijani Parliament
SOCAR announces time of starting gas injection into storages
Rostselmash talks plans on supply of agricultural machinery to Azerbaijan
Azerbaijan enhancing support to SMEs (PHOTO)
Co-op between Azerbaijan, Uzbekistan progresses in all areas - Chair of Azerbaijani Parliament (PHOTO)
Thailand reports record daily number of 1,582 coronavirus cases
Mine clearing operations continue in Azerbaijan's liberated Aghdam
COVID-19 negatively affects mobile segment in Georgia
Georgian mobile operator Silknet’s revenue to increase in 2021 - Galt & Taggart
Major Bulgarian imports from Georgia include copper ores and crude petroleum oils
Azerbaijan developing plan for sustainable business
Georgia implements significant reforms within IMF's Extended Fund Facility program
Japan's March exports grew at fastest pace in more than 3 years
Amazon needs to do better for employees - Bezos
Turkmenistan, Kazakhstan have potential for co-op in maritime transportation
Turkey's central bank holds key policy rate steady at 19%
2,656 new daily COVID-19 cases reported in Kazakhstan
Iran buys 60 million doses Sputnik V COVID-19 vaccine
Eurowings kicks off Dusseldorf-Tbilisi-Dusseldorf flights
Apple announces 200 mln USD fund in forestry projects to reduce carbon from atmosphere
U.S. replaces Britain to be largest source of Ireland's imported goods
Azerbaijan's AzerGold to fund creating test laboratory in Dashkasan
Daimler AG unveiled the electric Mercedes-Benz S-Class luxury sedan (PHOTO)
Canadian lawmakers call for action from U.S., Canadian leaders in pipeline dispute
Economic outlook is brightening - Fed's Mester
Antibiotics in development not enough to tackle 'superbugs' - WHO
China’s Geely targets slice of premium electric car market with ‘startup’ brand Zeekr
Kazakhstan to create concept for development of creative industries
Italy hikes 2021 budget deficit to 11.8% of GDP: source
Turkey registers more than 61 000 new coronavirus cases
IMF corrects estimate on Iran's foreign exchange bank reserves
Kazakhs Association founded in Japan
Turkey provided invaluable support to Azerbaijan in information war with Armenia - MP
Georgian Co-Investment Fund eyes to implements another energy project
Baku Metro opens tender to buy metal structures
Volume of lending to construction sector greatly increases in Azerbaijan
Net profit of Azerbaijani ASB Bank in 1Q2021 decreases
Azerbaijan eyes starting fish caviar export to Hong Kong in 2021
Aggregate capital of Azerbaijani ASB Bank grows
Georgia's Silknet maintains strong cash balance in 2020
Armenia confuses history with mythology again - Azerbaijani Foreign Ministry
Azerbaijani president congratulates president of Djibouti
Turkey leads among countries investing in Azerbaijan's non-oil sector (PHOTO)
Museums like War Trophy Park in Baku, open in many countries - Russian historian
Russia ready to assist in normalization of relations between Azerbaijan, Armenia
Azerbaijan has great opportunities for wind energy dev't - expert
Azerbaijani Foreign Ministry responds to statement of OSCE MG co-chairs
National Bank of Georgia sees decrease in international reserves
Various types of fabrics exported to Turkmenistan from EAEU countries
Kazakhstan's KMG Engineering to buy pump-compressors via tender
1Q2021 assets of Azerbaijan Industry Bank slightly down
Turkmenistan Railways opens tender for installation of surveillance cameras
Kazakhstan’s telecommunications operator to pay dividends for 2020
Kazakhstan’s Kazatomprom sells its solar energy subsidiary
Azerbaijan, Belarus discuss military-technical cooperation prospects
Passenger traffic in Georgia slowly getting back on track
Zangazur corridor to create single economic space between Turkey, Azerbaijan - expert
Kazakhstan considers standardized license agreement with EAEU members
Uzbekistan considering restoring air communication with Azerbaijan
Precious metals production down in Kazakhstan
Azerbaijan discloses number of COVID-19 vaccinated citizens
Italian senator: Why Armenia destroyed Aghdam if it considered it to be its own? (PHOTO)
Volume of wheat flour exports from EAEU to Turkmenistan revealed
Azerbaijan's 1Q2021 pharmaceutical retail turnover grows
Money transfers to Georgia up in March 2021
New IRTI Report Highlights Progress of IsDB Member Countries Towards SDGs
Spain eyes new projects in Azerbaijan’s petrochemical sector – ministry
Spanish companies show interest in Azerbaijan’s renewable energy projects – ministry
Azerbaijan's 2M2021 foreign trade turnover figures published
Azerbaijan names 1Q2021 revenues from retail trade in gasoline, diesel fuel
Citigroup profit triples on $3.85 billion reserve release
India fast-tracks approval for foreign vaccines
Azerbaijan confirms 2,317 more COVID-19 cases, 2,109 recoveries
Study shows Indians among most optimistic about early return to pre-Covid normal
India, France Can Assume Leadership Role In Run-Up To COP26: French Minister
All news