Our chapter will first trace how OPEC reasserted its role in the early 2000s. We will then describe the resurgence of US “energy dominance” with the advent of shale oil and gas. We will trace the origins of OPEC+ thanks to the rapprochement in 2016 between Saudi Arabia and the Russian Federation. Finally, we review this new OPEC/non-OPEC cooperation mechanism in light of the “demand shock” and the collapse of the market caused by the COVID-19 pandemic, followed by the fallout from the war in Ukraine.
Garavini, G. (2025). OPEC and OPEC+ in the Global Energy Turbulence. In Dag Harald Claes (a cura di), Energy Politics in a Turbulent Era (pp. 121-141). Elgar online.
OPEC and OPEC+ in the Global Energy Turbulence
Giuliano Garavini
2025-01-01
Abstract
Our chapter will first trace how OPEC reasserted its role in the early 2000s. We will then describe the resurgence of US “energy dominance” with the advent of shale oil and gas. We will trace the origins of OPEC+ thanks to the rapprochement in 2016 between Saudi Arabia and the Russian Federation. Finally, we review this new OPEC/non-OPEC cooperation mechanism in light of the “demand shock” and the collapse of the market caused by the COVID-19 pandemic, followed by the fallout from the war in Ukraine.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
