Opec should bear in mind its history
The past offers painful warnings against the temptations that 2021 may bring
The start of 2021 has proven as turbulent as the year just gone, even by the tumultuous historical standards of the oil industry. Saudi Arabia’s 2020 efforts to rally Opec producers and expand the scope of its wider Opec+ alliance to arrange ‘orderly’ production cuts and support prices threatened to unravel in the face of intransigence from Russia and others. The kingdom’s decision to bear an ever greater cuts burden has calmed the market for now. But, for the rest of the year and beyond, the attitude and behaviour of all Opec members and their allies will be critical for the oil market’s supply side. And, to try to see into the future, we should remind ourselves of the way Opec has behaved
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
