Related Articles
Forward article link
Share PDF with colleagues

Opec+ power shift points to lower crude price paradigm

If Russia can marshal allies to seize control of the producers’ group, it might respond to structural demand concerns with a volume-over-value strategy

Saudi Arabia’s five-decade run as either sole or co-leader of Opec appears to now be under serious threat from Russia in the expanded Opec+ grouping. And that could lead to a shift in emphasis to protecting the Opec+ market share, particularly given pressures on future oil demand. After a combination of revolution, war and international economic sanctions whittled away production and influence from Iran—in the 1970s and 1980s an Opec co-leader, with Riyadh leading the price doves and Tehran the hawks—Saudi Arabia enjoyed a 25-year hegemony over Opec policy. Supported by loyal Mid-East Gulf allies Kuwait and UAE, that was the status quo until 2016. But, in December 2016, Saudi Arabia admit

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Sonangol exits Trafigura’s Puma
20 April 2021
The NOC will sell its stake in Puma Energy in return for the firm’s Angolan assets
European power trading innovation: Data begets more data
20 April 2021
Historic and real-time fundamentals are not the only information show in town, says software provider Kyos
Gabon’s E&P sector stays active
20 April 2021
The west African nation continues to attract upstream investment despite the global contraction in activity
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video