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No, Opec isn't on its last gasp

It is premature to dismiss a bloc that controls a third of global oil production and extensive low-cost reserves.

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With exploration and investment rapidly collapsing outside Opec and the petroleum glut receding, the bloc's clout should grow as demand improves. Some oil executives even predict a supply deficit in the next decade.

MANY are scripting Opec's obituaries. The recent debacle over an output freeze at Doha has strengthened such notions.

True, the 56-year-old Organization of the Petroleum Exporting Countries faces serious threats from divisions within and climate change from outside.

The death camp