How Reliable Are The Big 3 Oil Forecasters?

The oil market hinges and moves on forecasts. Whether it’s an oil demand growth forecast or a production forecast, no forecast is more closely watched and scrutinized than that provided by one of the big three: the IEA, EIA, and OPEC. The problem is, these forecasts often vary wildly from one another, meaning at least one of these forecasts will be wrong.  Bloomberg’s Julian Lee this week wrote in a column about the discrepancy between OPEC’s oil demand estimates for 2020 and those of the EIA and the IEA, noting that while…