LONDON: Opec faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuels.
“Its ability to steer the oil market in its favour has never been put in question to the extent it is now,” he noted.The Vienna-based institution convenes for regular meetings to assess the state of supply and demand in the marketplace, and its pronouncements can still spark major price swings. Today, Opec pumps about one-third of global oil – but Opec+ accounts for almost 50%, giving it greater clout.
This despite the larger Opec+ in March failing to agree on a new strategy – with Russia refusing cartel kingpin Saudi Arabia’s request to cut their collective output and combat a virus-fuelled slump in crude demand.
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