It is now clear all those experts were wrong. While OPEC may not be as powerful as before, it is still very much alive. Its alliance with Russia enables the organization to cooperate with 10 other non-member states, which is vital to limiting global oil prices, since OPEC only accounts for 40 per cent of the world’s total supply.
Results for Tag: OPEC
In the next five years, Qatar aims to increase its LNG output from 77 million tonnes per year to 110 million. Write says Qatar believes that the demand for cleaner fuels like LNG may eventually surpass the demand for oil. Besides maintaining its leadership in LNG production, Qatar also hopes to build alliances with emerging competitors such as Russia, the United States and Australia.
President Rouhani, for instance, said that “the United States will never be able to cut Iran’s oil revenues,” and that “it has no meaning for Iranian oil not to be exported, while the region’s oil is exported.” More explicitly, he threatened to “stop [Iran’s] oil exports and see the results”, a threat praised by Qasem Soleimani in a rare public support of Rouhani by the IRGC commander. Later on, the head of the Iranian Revolutionary Guard Corps (IRGC), Major General Jafari said that Iran can make the enemy understand “what using the Strait of Hormuz for all or none means.”