| ID | 147739 |
| Title Proper | Oil back in Vogue |
| Other Title Information | global energy and the political dynamics in the Middle East |
| Language | ENG |
| Author | Raszewski, Slawomir |
| Summary / Abstract (Note) | The "war of attrition" within the Organization of Petroleum Exporting Countries (OPEC) for the retention of the market share has raised a question of the cartel's future and, more broadly, changes in the political economy of the Middle Eastern oil market. With the impact of U.S. shale production being the "usual suspect" in international oil market discussion, the rivalry between the Islamic Republic of Iran and the Kingdom of Saudi Arabia opens yet another chapter of what seems to be a steady demise of the function OPEC was set to play at the time of its establishment. The Iranian-Saudi rivalry, which reverberates in conflict-ridden Syria and Yemen, is the key development that affects the global oil order in a profound way. The petroleum cartel's main function--oil price-setting by production-adjusting--was put into question at OPEC's November 27, 2014 meeting. Following the meeting, commentators pointed out to structural changes within the group, involving |
| `In' analytical Note | Russia in Global Affairs Vol. 14, No.4; Oct-Dec 2016: p.164-173 |
| Journal Source | Russia in Global Affairs 2016-10 14, 4 |
| Key Words | Oil ; Middle East ; Global Energy ; Political Dynamics ; Crude Oil Returns |