Opec must continue working with its non-Opec allies to overcome downturn, says MEED

Opec must continue working with its non-Opec allies to overcome downturn, says MEED

Amid oil price volatility, expanded producers' agreements and questions about the long-term outlook for oil, Opec is celebrating its 60th birthday this week. Opec's ability to emerge from adverse situations and perform its fundamental task of balancing the global oil market and securing favorable price levels for its members has kept the entity both relevant and efficient six decades on, says MEED, part of GlobalData.Opec's 60-year journey has been filled with crises and episodes that have repeatedly struck at its very existence. Since its formation, the oil producers' group has endured at least seven major oil price cycles, including the current coronavirus-related downturn.Indrajit Sen, Oil & Gas Editor at MEED, part of GlobalData, says: “The Saudi Arabia-led organization's greatest achievement to date