Rigs in the Permian
OPEC and the post-war evolution of the oil industry, part 3: Shale, new demand and OPEC+
The third part in the second chapter of our history of oil looks at the US shale revolution and ‘declaration of cooperation’ that created OPEC+
As 2016 progressed and oil prices remained stubbornly low, something had to happen. Production cuts were accompanied by one of the most important events in the history of the oil market: the signing of a formal ‘declaration of cooperation’ at the end of the year. The signatories were the members of OPEC plus ten other producers (Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan). The inclusion of Russia—its production is today 64% of the ‘plus’ part of the alliance—was crucial and its active participation in supply management has given OPEC+ significant market control. The value of the declaration was shown by the expanded group’s response to th
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
