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Page added on September 13, 2010
Rigzone: OPEC to Enter 50th Year with Diminished Role
The Organization of the Petroleum Exporting Countries is set to mark its 50th anniversary on Tuesday not with a grand ceremony, but with a simple press conference at its Vienna headquarters.
This might seem surprising for the world’s only oil cartel, but the modest commemoration is fitting in view of the group’s diminished importance and the risks it faces amid current technological shifts.
“I think it is still both relevant and powerful,” energy expert Andreas Goldthau said about the 12-country organization. OPEC says it pumps a third of the world’s oil and controls 80 percent of reserves.
But some experts say that the group founded by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela in 1960 could see demand for its product fall because of the trend towards alternative ways of powering vehicles and policies to curb climate change through new technologies and taxes.
One Comment on "Rigzone: OPEC to Enter 50th Year with Diminished Role"
KenZ300 on Tue, 14th Sep 2010 6:21 am
Diminished OPEC relevance can not come fast enough.
The transition to alternative forms of clean, sustainable, alternative energy needs to accelerate.