Testy times for Opec’s crude dominance
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AT THE start of this year, the Organisation of the Petroleum Exporting Countries (Opec), following consultation with its 10 allies (Opec+), released a statement underscoring the groupings’ united efforts to steady the oil market.
Indeed, over the past decade, the oil cartel has been adept at propping up the commodity amid major adversities – the oil slump in 2014/15 and the historic pandemic-spurred oil crash in 2020.
Most recently since the end of 2022, the Opec+ alliance implemented output cuts to support prices. This followed Russia’s attack on Ukraine, which fired up inflationary pressures and hurt the global economy and in turn, dented energy demand.
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