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OPEC, which celebrates its 60th anniversary, is experiencing one of the worst crises of its existence, with low demand for oil due to the covid-19 and the energy transition. Its monopoly is questioned and discord prevails among members.
However, experts say the organization has not yet said its last word.
“The prospects for the cartel have never been less favorable,” Philippe Sébille-Lopez, an independent analyst and director of Géopolia, told AFP.
Founded on September 14, 1960 at the initiative of Saudi Arabia, Iran, Iraq, Kuwait and Venezuela. The alliance now has 13 members, plus 10 if signatories to the OPEC + agreement, which includes Russia, are added.
These 23 countries account for half of the world’s oil production.
