OPEC has no market power anymore, says former energy minister
The former energy minister of Qatar and head of OPEC has claimed that the oil cartel no longer dominates the international energy market.
Abdullah bin Hamad al-Attiyah told Sky News that the 12-strong group of exporters gave up its power to change and set oil prices.
He added that OPEC needs to collaborate with Russia and limit global oil production.
“OPEC cannot play alone. This is why when OPEC met at the last moment they cannot decide it because if they will cut there is no meaning it will be the others who will benefit and even increase their production,” he said.
Oil prices have fallen dramatically over the last few months, reaching figures below $60 a barrel where they stood at $115 a barrel earlier in 2014.
Reminding Sky News that most oil producers need the price to fall between $90 and $100 to stay in business, the minister claimed it is possible for prices to remain on a low for 15 years like they did after a similar energy crash took place in the 1980s.