OPEC is facing one of the worst crises of its existence in the last 65 years.
– There are a lot of urgent issues for the bloc to address, from the energy crisis that we’re facing right now to the shocking announcement from the UAE that it intends to leave the organisation after so many years.
– But at [the meeting at its headquarters in Vienna on Wednesday], something completely different has been on the agenda. We heard officials present the flagship report that OPEC releases every year. This was the 61st edition. Basically, this is a report with all the data that they compile about import and export of oil, oil reserves, and oil demand. And what we’ve heard is that oil demand was up worldwide in 2025, compared to 2024. That oil reserves are also up, that there was a lot more exports than the previous year, with most of the oil going to Asia, Latin America and the Middle East.
– But this was, of course, all before the UAE decided to leave the organisation, which will definitely have a very different impact and outlook on next year’s report.
– We went into the OPEC building earlier today and asked for a comment. I spoke to the head of the secretary-general’s office asking about the response of the UAE departure, and he told me very clearly they had nothing to say about this at the moment.
– So there must be definitely a crisis mode inside of this building.
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