(Russia Direct) The Organization of the Petroleum Exporting Countries (OPEC), which consists of states that produce about one-third of crude oil globally, suffers from several structural problems that it has been unable to solve for over 50 years now.
First, OPEC’s share in global oil output is consistently decreasing, which makes all attempts by its member states to influence the global oil market look less than convincing. Second, there is a clear lack of trust among OPEC members. They are convinced that the global oil market works according to “zero sum” logic, where the gains of a partner lead to your own loss. And finally, OPEC member states have different levels of economic development, different priorities in the area of international security and a diverse perception of threats to their stable development.
All attempts to govern the group of 12 diverse states, which are even situated in different parts of the world, look like herding cats: To keep them together in one group and make them obey has never been truly successful. [….]
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