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Saudi Arabia, the Opec kingpin and chief architect of the producer club’s output policy, is ignoring dissent from some members alarmed over the continued slide in oil prices, which recently traded at their lowest since early 2009.
There has been no formal request by any of the 12 members of Opec for an emergency meeting, but even if it were convened, Saudi Oil Minister Ali Naimi has indicated that they would have to meet without him.
MEES analysis suggests that Opec members are this year set to record their lowest oil revenue in at least a decade (see table). Presuming that prices and output remain at levels seen in first seven months of 2015, this implies that revenue for the year as a whole will be just over $560bn, 42% down on 2014, and less than half 2012’s record level.
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