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
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector
