The Uncertain Future Of The OPEC+ Alliance

For OPEC, it is the best of times and the worst of times – depending on which member you ask. Despite a massive oil price windfall brought on by Russia’s war in Ukraine last year, the OPEC members are reaping massively unequal revenues from a shrinking basket. In fact, the alliance is under extreme stress due to waning oil demand and a lack of coordination among the members, and some experts believe that OPEC+ is in danger of breaking up in the near term. By some metrics, 2022 was a banner year for OPEC+. Nominal revenues were at their…