COLUMN-After OPEC, oil market enters a new era: Kemp | Reuters

COLUMN-After OPEC, oil market enters a new era: Kemp | Reuters:

OPEC is changing fundamentally as power in the oil market shifts towards Saudi Arabia, acting in concert with Russia, while the other members of the organisation are increasingly marginalised. In theory, all members of the Organization of the Petroleum Countries are equal, and the group has always taken decisions by consensus (“Statute of the Organization of the Petroleum Exporting Countries”, 1961 and 2012). OPEC’s founding statute stipulates that it “shall be guided by the principle of sovereign equality of its member countries” (Article 3).