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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
