Opec: Fit For Purpose? What Purpose Is That Exactly?

Opec this week notched up a couple of achievements. It appointed a new Secretary General. And re-admitted Gabon. But to what end?

In a rare show of relative unity, OPEC on 2 June at the oil producers’ 169th meeting in Vienna announced the appointment of a new secretary general and confirmed the re-entry of Gabon, just six months after former member Indonesia rejoined.

The group sees the appointment of Nigeria’s Muhammed Barkindo, effective 1 August, to the post of Secretary General, as proving its continued ability to come to a collective decision, following its failure to even agree on a production quota at the previous meeting on 2 December. He replaces ‘Abd Allah al-Badri who had held the position since 2007. (CONTINUED - 1757 WORDS)

DATA INSIDE THIS ARTICLE

table OPEC Production, April 2016 (Mn B/D, Mees Est.)