This article was published by The McAlvany Intelligence Advisor on Wednesday, March 8, 2017:
The IEA (International Energy Agency) really ought to stick to its knitting. This intragovernmental agency was set up following the oil shock in the mid-1970s, allegedly to inform various governments as to the status of world crude oil supplies. It was to serve as an information resource on statistics about the global crude oil and other energy markets. In addition, it required its 29 government-members to maintain 90 days’ crude oil supplies on hand to meet another crisis.
It stepped outside its core area of expertise by issuing its Oil 2017 forecast for the next five years, combining a mixture of opinion, crystal-ball gazing, wet-finger in the air experimenting, tea-leaf analysis, naval gazing, and outright guessing that concluded that the world will no longer have a crude oil surplus but a shortage instead by 2020.
And it’s a crisis! Exclaimed Dr. Fatih Birol, the outfit’s director since 2015: