Hello, Subscribers:
If there was ever an authoritative organization that qualifies for that old pejorative “Often wrong but never in doubt” it is the IEA (International Energy Agency). Yet its embarrassingly off-the-mark predictive track record, which stretches back into the 1990s, in no way inhibits its inclination to continue making confident forecasts of weak demand and abundant supply.
As you can see below from a recent Wall Street Journal article, it’s at it again.