OPEC says IEA should be ‘very careful’ about discouraging oil investments
OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was “counterproductive.”
Anton Petrus | Moment | Getty Images
Oil producer group OPEC on Thursday lashed out at the International Energy Agency, saying the world’s leading energy authority should be “very careful” about undermining industry investments.
OPEC Secretary General Haitham al-Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was “counterproductive.” He added that the influential group of 23 oil-exporting exporting nations was not targeting oil prices, but instead focusing on market fundamentals.
OPEC said that its comments came in response to fresh criticism from the IEA, without providing further details.
In a Bloomberg TV interview on Wednesday, IEA Executive Director Fatih Birol used similar language in warning OPEC about boosting oil prices.
Birol said that the energy alliance, led by Saudi Arabia, should be “very careful” with its production policy, warning that the group’s short-term and medium-term interests appeared to be contradictory. He added that higher crude prices and upward inflationary pressures would result in a weaker global economy, with low-income nations likely to be disproportionately affected.
“The IEA knows very well that there are a confluence of factors that impact markets. The knock-on effects of COVID-19, monetary policies, stock movements, algorithm trading, commodity trading advisors and SPR releases (coordinated or uncoordinated), geopolitics, to name a few,” Al-Ghais said.
Blaming oil for higher inflation was “erroneous and technically incorrect as there are many other factors causing inflation,” he added.
Surprise output cuts
Earlier this month, the Paris-based energy agency said surprise oil output cuts from OPEC+ risked exacerbating a projected supply deficit and could scupper an economic recovery.
Several OPEC+ members announced on April 2 that they were set to tighten global production by an additional 1.16 million barrels per day until the end of the year.
The decision, which the White House criticized, was said to have been made as part of an independent initiative unlinked to broader OPEC+ policy.
The cuts add to Russia’s existing plans to trim 500,000 barrels per day of its production from March until at least the end of the year. It means the combined voluntary cuts of OPEC+ members will be in excess of 1.6 million barrels per day.
“Other energy markets have been far more volatile,” al-Ghais said, “with oil markets less so, mainly due to the stabilizing role of OPEC and the OPEC+ group.”
“If anything will lead to future volatility” he added, “it is the IEA’s repeated calls to stop investing in oil, knowing that all data-driven outlooks envisage the need for more of this precious commodity to fuel global economic growth and prosperity in the decades to come, especially in the developing world.”
Fraught relationship
The relationship between OPEC and the IEA has been increasingly fraught in recent years, with Birol repeatedly criticizing the pace at which the producers’ alliance increased its output rates, as it unwound the drastic production cuts it implemented in the wake of the Covid-19 pandemic. The IEA’s condemnations aligned with views held by some consumer nations — most vocally the U.S. — that stressed the strain of high energy prices on consumer households.
The IEA had served as one of the so-called secondary sources whose production data the OPEC+ group used to benchmark the internal compliance rate of its members with their respective output obligations. OPEC removed the IEA as a secondary source in March last year, with OPEC+ delegates at the time citing concerns over the accuracy of IEA production estimates.
In a February interview with Energy Aspects, Saudi Arabia oil minister and OPEC+ chair, Prince Abdulaziz bin Salman, faulted the IEA’s initial predictions of a 3 million barrels per day loss of Russian crude and oil products for a U.S. decision to release volumes from its Strategic Petroleum Reserve.
“Fairly and squarely, the IEA was responsible for it. Because of the, you know, screaming and scaring that they have done, on how much Russia will lose in terms of its production,” he said.
OPEC and the IEA have also diverged in their approach to global decarbonization. The IEA has repeatedly said the pathway to net-zero emissions requires massive declines in the use of oil, gas and coal and warned in a landmark report in 2021 that there is no place for new fossil fuel projects if the world is to stave off the worst of what the climate crisis has in store. The IEA declined to respond to the OPEC secretary’s comments on Thursday.
The burning of fossil fuels is the chief driver of the climate emergency.
By contrast, OPEC+ ministers and officials have repeatedly championed a strategy of dual investment in hydrocarbon and renewable projects, to avoid energy shortages while green resources are insufficient to fully meet consumer demand worldwide.
— CNBC’s Ruxandra Iordache contributed to this report.
On today’s extreme episode of Quick Charge, we’ve got the most affordable new EV in America packing 255 miles of range, sub-30 minute charging, V2H support, and more – all that for a price about $10,000 LESS than that new “affordable” Tesla.
We’ve also got specs for the all-new, all-electric Ferrari Elettrica and a world’s first, hydrogen-powered autonomous farm tractor from Kubota.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
Source Links
Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Momentum, the lifestyle-focused urban bike brand under Giant Group, has just launched the latest version of its popular Vida E+ electric bike – and this one’s all about making e-biking smoother, safer, and more accessible to riders of all experience levels.
The updated Vida E+ features a new 500W SyncDrive Move S motor offering 60Nm of torque and pedal assist up to 28 mph, designed to provide natural-feeling power whether you’re cruising to work or just exploring around town. The system uses a combination of sensors to analyze torque, speed, and cadence, automatically adjusting power output to match your pedaling effort.
According to Momentum, the motor engages with as little as 4Nm of pedal pressure and just 10° of crank movement, giving riders what they describe as an ultra-smooth and effortless start every time.
A new optional throttle adds another layer of convenience, letting riders cruise at speeds up to 20 mph without pedaling, which should be perfect for hills, traffic-heavy starts, or when you just want to relax and take it easy on the way home. The bike’s EnergyPak 700 battery provides up to a claimed 55 miles (88 km) of range on pedal assist or 43 miles (69 km) on throttle-only riding.
The Vida E+ also leans hard into comfort and safety. It sports a low-step aluminum frame for easy on-and-off, an 80 mm suspension fork, and wide 26×2.4-inch tires for stability and plushness. Four-piston hydraulic disc brakes ensure solid stopping power, while a new automatic motor cutoff feature stops assistance as soon as the brakes engage. The bike is UL 2849 certified, meaning it meets top-tier safety standards for batteries and electronics, which is a growing priority in the e-bike world as more cities and states consider requiring safety certification as a prerequisite.
With support for up to 300 pounds (136 kg) total load and optional racks front and rear, the Vida E+ is also built for everyday utility. And on the tech side, momentum’s RideControl app lets riders fine-tune speed and assistance, lock or unlock the bike electronically, and monitor battery health.
The new Momentum Vida E+ is available now through Giant Group’s nationwide dealer network with an MSRP of US$2,480.
Returning from a recall on its previous bike, Giant Group will now have an opportunity to see how the new version of the Momentum Vida E+ will fare.
FTC: We use income earning auto affiliate links. More.
VW’s US EV lease deals just went from hero to zero. Federal tax credits are now dead, the automaker has wiped out up to $12,000 in lease incentives on the ID.4, and ended $10,500 in discounts on the ID. Buzz. The move bucks the trend as other brands continue to sweeten their EV lease offers.
As of September 30, 2025, Volkswagen offered up to $12,350 in lease cash on the ID.4, depending on configuration. That included a $7,500 federal lease tax credit for lessees as Bonus Customer Cash, plus $3,500 to $4,850 in Dealer Lease Cash. It made the ID.4 one of the top EV lease deals around.
On October 1, those incentives vanished. While the ID.4 still has a 0% APR equivalent lease rate, drivers lost more than $12,000 in savings overnight. The ID. Buzz took a similar hit. Last month, the 2025 ID. Buzz offered $10,500 off MSRP between the $7,500 tax credit and $3,000 Dealer Lease Cash. Now, almost all lease cash is gone. VW Credit is offering just $750 in Dealer Lease Cash, and weirdly, not on models with two-tone paint. According to CarsDirect’s lease calculator, the lowest-priced ID. Buzz trim now carries an effective monthly cost topping $1,000 — a considerable jump.
For comparison, the ID. Buzz Pro S was previously advertised at $589 a month for 36 months with $5,999 due at signing, or an effective monthly cost of $756.
The ID.4 lease once cost just $233 a month, making it one of the cheapest EVs to lease. According to updated estimates, that figure is now north of $800 – that’s hair-raising.
Meanwhile, VW’s rivals are going in the opposite direction. Ford extended its Mustang Mach-E lease deals through early January. Subaru’s updated 2026 Solterra still qualifies for the $7,500 lease credit, and Jeep replaced the expiring EV lease credit with equivalent bonus cash.
If you really want a Volkswagen, though, there’s some good news: financing deals haven’t changed. The 2025 ID.4 continues to offer 0% APR for 72 months, and buyers of the ID. Buzz can still get up to $3,250 in Bonus Customer Cash through November 3, a perk unavailable to lessees.
It kinda seems like VW doesn’t want to lease their EVs anymore…?? Let me know your thoughts in the comments below.
Read more: From $189 a month: 5 of the best EV lease deals in October
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024