Opec down but not out
A new history of Opec says the organisation is being undermined in part by the ambitions of national oil companies
Never has Opec’s relevance—and future—been questioned more than today. This is hardly surprising. For leaving aside any discussion of price or output strategy, changes are afoot. Opec’s dominant member, Saudi Arabia, has embarked on a course aimed at ending the country’s reliance on oil. The United Arab Emirates is the region’s leading developer of renewables. And Qatar has dropped out of Opec. Media headlines suggest that Opec’s obituary is being prepared: “Opec is not dead yet, but it has lost control of the market,” said one in July 2019. “Opec losing control, share in global market,” said another in October. The perfect context, one might say, for a book entitled The Rise and Fall of Op
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
