New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Where does 65-year-old OPEC stand in the energy world?
26/11/2025
8 min read
Feature
There is no other group of joint economic interests that has attracted more scrutiny than the Organization of the Petroleum Exporting Countries (OPEC). As it marks 65 years since its foundation, what is the international oil cartel’s role in a world striving to limit carbon emissions and deepening green electrification? Karolin Schaps assesses its challenges and opportunities.
Wars, sanctions, recessions and technological advances are some of the many challenges that OPEC has weathered since 1960, when five developing countries joined forces to coordinate the marketing of their precious oil resources. Saudi Arabia, Venezuela, Iran, Iraq and Kuwait overcame their political differences to establish one of the world’s most influential economic cooperatives, a rebellious act against global oil majors that laid the foundation of the modern petroleum market.
‘The founding of OPEC was a triumph of cooperation, dialogue and compromise, steeped in the iron will of the founders to assert their sovereign rights to exploit their natural resources for their national development and to help promote market stability,’ said OPEC Secretary General Haitham Al Ghais in a recent statement marking the group’s 65th anniversary.
Since then, they have been joined by Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria and the United Arab Emirates (UAE), which are all still members today. Qatar, Indonesia, Ecuador and Angola have over the years joined and left the organisation.