Friday, June 22, 2018

The prospect of ‘OPEC-plus’ or ‘Super-OPEC’?

With the OPEC International seminar done, half of the world's scribes and analysts, including yours truly, have now descended on OPEC HQ for the 174th Oil Ministers Summit, and the chatter about altering the global crude market order is all the rage here.

Its been helped in no small part by UAE Oil Minister and current OPEC President Suhail Al Mazroui. Following hints from various OPEC member delegates at the seminar, in his opening remarks to the ministers summit, Al Mazroui said he wanted to "institutionalise" the alliance between 14 OPEC oil producers and 10 non-OPEC producers leading to the creation of a much bigger crude cabal. Full report on Forbes here

Well we had what's dubbed as 'R-OPEC' dominating discourse back in November when the Russians last arrived to shake hands with OPEC, and brought other non-OPEC producers along for the ride. So, what would this new creation be called? The Oilholic's preference is for 'OPEC-plus'; afterall the johnny-come-lately(s) can only be described as additions to a decades old organisation. 

Of course, for dramatic effect, some have suggested 'Super-OPEC'. Chances are – should it happen – that neither of the two would be adopted, and that a designated policy wonk would come up with some bland name with a catchy acronym. That's all from OPEC for the moment folks. More later in the day. Keep reading, keep it 'crude'!

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© Gaurav Sharma 2018. Graph: UAE Oil Minister and OPEC President Suhail Al Mazroui (third from left) speaks at 174th OPEC Ministers Meeting in Vienna, Austria © Gaurav Sharma 2018.

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