End of the war for Opec
In the end, the fiscal pressures and income loss were too great for Opec’s members to bear—and the rewards of the market-share strategy too meagre
In January 2015, Oman's urbane oil minister could barely hide his contempt. Just two months earlier, at Opec's fateful November 2014 meeting, the group-of which Oman is not a member-had stared at a weakening oil market and decided to do nothing. In the memorable words of one Saudi oil adviser, the kingdom had decided to "take its hand off the tiller". But Mohammed al-Rumhy was having none of it. "I really fail to understand how market share became more important than revenue," he said from the podium of a Petroleum Economist conference in Kuwait City. "We have created volatility-and volatility is one of those words that's bad for business." It was "politics that I don't understand". Lots of
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
