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
29 July 2025
The EU’s Russia sanctions could have far-reaching implications for India’s Vadinar-based refinery
29 July 2025
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
29 July 2025
EU industry and politicians are pushing back against the bloc’s green agenda. Meanwhile, Brussels’ transatlantic trade deal with Washington could consolidate US energy dominance.
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain