OPEC Agrees to Increase Output Gradually During 2021

180th OPEC Conference & 12th OPEC and Non-OPEC Ministerial Meeting – 3rd December 2020

In spite of the pandemic, OPEC would still like to celebrate its sixtieth anniversary, and like all long-term relationships, attitudes change and for OPEC, so too do partners. There is always talk of discord in the relationship and that it is on the verge of collapse, but reality always kicks in as the members realise that without the support of each other, and particularly the main players, their voices would never be heard, individual policies would falter, and they would lose any sense of direction. As one of the smaller members said to me some time ago, we each have one vote, yet those with a bigger output seem to have a bigger vote! Not all are equal. (more…)

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