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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
