Assessments

As Oil's Importance Fades, So Will OPEC

Jan 1, 2021 | 10:00 GMT
An oil tanker sails on Maracaibo Lake in Maracaibo, Venezuela, on March 15, 2019.

An oil tanker sails on Maracaibo Lake in Maracaibo, Venezuela, on March 15, 2019.

(JUAN BARRETO/AFP via Getty Images)

OPEC'S relevance will slowly decline over the next two decades as the global transition from fossil fuels continues to accelerate and oil's dominance in the transportation sector is diminished by alternatives, including electric vehicles and potentially hydrogen, resulting in a more turbulent oil market....

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