OPEC’s grip might loosen, but it still has pull

摘要

OPEC counts 13 countries among its membership, but one of them has long reigned as a first among equals. Saudi Arabia, with its production of around 10.2 million b/d representing about a third of the group’s output-and about 11% of world supply-has served as OPEC’s de facto leader, its swing capacity traditionally leading the organization’s efforts to manage the market. But last week’s failed talks in Doha to enact a production freeze saw a potential new oil producer group emerge with another player in the room that could have changed the dynamics of the market and challenged Saudi political eminence in world oil affairs. The Doha summit of 18 nations included 11 OPEC members and several major non-OPEC producers, most notably Russia, whose output surpasses Saudi Arabia’s at close to 11 million b/d, according to its energy ministry.