Opec’s risky metamorphosis
The urge to create a bigger producer group based on the Declaration of Cooperation is changing Opec's power politics
The Opec meeting of 22 June was less than 12 hours away and the Joint Ministerial Monitoring Committee was in session deep inside the group's central Vienna headquarters. Things got testy. Iran's oil minister, Bijan Namdar Zangeneh walked out and a few minutes later arrived at the Kempinski hotel nearby to tell reporters that Iran might kill Saudi Arabia's plan to get Opec support for an easing of the cuts the next day. The JMMC was formed in late 2016, part of the Declaration of Cooperation between Opec and non-Opec countries, and its original task was to keep tabs on producers' compliance with quotas. It meets every two months. And because Saudi Arabia and Russia are permanent members, it
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
