OPEC Explores Membership Expansion in Consultations with Four Nations

Haitham Al Ghais, the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), has revealed that the organization is actively considering expanding its membership. Consultations are currently underway with Azerbaijan, Malaysia, Brunei, and Mexico to explore the possibility of their inclusion in OPEC.

Al Ghais emphasized the importance of engaging with external countries to enhance OPEC’s unity and strengthen its impact on the global oil market. He clarified that the objective is not to add a specific number of countries, but rather to identify nations that share strategic objectives in maintaining and stabilizing oil markets. The announcement was made on the sidelines of the recently concluded 8th OPEC International Seminar.

Of the four countries under consultation, Azerbaijan, Malaysia, Brunei, and Mexico have exhibited solidarity with OPEC since 2017. They have faced significant challenges during market downturns and the global pandemic in 2020. Al Ghais highlighted their shared goal of stabilizing oil markets, aligning their interests with those of OPEC.

By proactively exploring membership expansion, OPEC is taking a forward-looking approach to shape the future of global energy dynamics. The outcomes of these consultations and their potential implications for the oil industry will be closely monitored by industry stakeholders and market observers alike. The decisions made in this regard will undoubtedly have a lasting impact on the global oil market landscape.