Qatar withdrew in 2019, Ecuador in 2020 and Angola left OPEC+ in 2022.
In a world of rising investment in renewable energy sources and geopolitical turmoil, is OPEC becoming less relevant?
This question will be resolved across multiple criteria.
Has the number of member countries to OPEC (not OPEC+) reduced?
Has OPEC market share decrease from 34.2% in 2022 (page 24, fig 7)?
Will the Brent crude ($75.89 a barrel at 2 Jan 2024) and U.S. West Texas Intermediate crude ($70.38 a barrel at 2 Jan 2024) prices be lower in 1 Jan 2025.
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1.00NEWS UPDATE:
In 2023, US oil production surged, achieving a record high of 13.5 million barrels per day and on track to exceed 14 million. This escalation, largely propelled by advancements in fracking technology, has positioned the country as a dominant force in oil production, rivaling traditional powerhouses like Saudi Arabia.
The strategic consolidations and mergers within the US energy sector, particularly in the Permian Basin, have further bolstered production efficiency, presenting a formidable challenge to the Organization of the Petroleum Exporting Countries (OPEC) and their capacity to sway oil prices and market shares. The increasing output from non-OPEC countries, such as Guyana, Canada, and Brazil, adds to this dynamic, diluting OPEC's influence over the global oil supply.
Related OPEC question here about OPEC disolving by 2028
https://manifold.markets/Hadean/will-opec-functionally-dissolve-by?r=T25lR3V5