Moves to mitigate climate change are drawing peak oil demand closer, current and former OPEC officials told Reuters, potentially giving OPEC's biggest players and their allies more power and leaving some smaller producers struggling.
Members of the Organization of the Petroleum Exporting Countries and the so-called OPEC+ group together face the threat of a focus by the United States and China on tackling carbon emissions and plans for greater use of renewables.
The impact on demand could trigger market share competition and spell the end to them working together on supply policy, with current and former OPEC officials and others close to the group saying they expect growing rivalry over time.
"OPEC+ will face a major challenge in how to deal with shrinking demand but also increasing pressures to lower prices due to oversupply," Chakib Khelil, a former Algerian oil minister and two-time OPEC president, told Reuters.
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