"Peak of demand"
But unlike OPEC with its crude oil, the oil companies can change course - they mutate into an energy company, respond to the climate crisis and increasingly rely on renewable energy sources. While not long ago there was talk of peak oil, the expected end of fossil fuels, today it is said to be peak of demand, the near turnaround towards less demand. That weakens the market power of the oil producers and thus above all of OPEC.
Experts like Andreas Goldthau from the University of Erfurt are rather skeptical about the future of Opec. "These clubs are not forever." But there are still major customers like China - with 13.5 percent of global demand, it is now the largest consumer of crude oil. OPEC itself has therefore assumed a significant increase in global oil demand at least until 2040 - driven by countries such as China and India as well as the need for plastics. At the same time, China invests more than any other country in renewable energies and already operates more than half of all solar panels and wind turbines in the world.
So 60 years after its founding, Opec, dominated by Saudi Arabia, is just one player among others. A powerful player, but together with the others on the constant search for an unstable equilibrium.