Outlook 2024: The evolving role of OPEC and OPEC+
The organisation remains vital to ensuring future energy demand is met
Founded in September 1960 at what has become known as the Baghdad Conference, OPEC began life as five oil-producing member countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Previously, powerful outside interests in the shape of the leading international oil companies of the day dominated almost all aspects of the development, production and sale of crude oil, while the countries from whose lands the crude oil was extracted received only minimal returns, hindering their national development. Over the ensuing decades, however, OPEC’s member countries—today numbering 13—have evolved to run their own domestic oil sectors, and the organisation has become a respected member of the interna
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
