Facilitating market development across OPEC

Facilitating market development across the Organization of the Petroleum Exporting Countries (OPEC), established in 1960 and comprising major oil-producing nations such as Saudi Arabia, Iraq, Iran, Kuwait, Venezuela, Nigeria, and the UAE—offers substantial opportunities to enhance global energy cooperation, market stability, and sustainable economic growth. Since its formation in Baghdad, OPEC has significantly influenced global petroleum policies, regulating oil supply and shaping world energy markets through strategic production decisions. Recognising the global transition towards renewable energy, several OPEC member states, particularly Saudi Arabia and the UAE have diversified into critical minerals such as lithium, cobalt, copper, and rare-earth elements, essential for electric vehicles, batteries, solar technologies, and advanced manufacturing. Sovereign wealth funds, including Saudi Arabia’s Public Investment Fund (PIF) and Abu Dhabi’s Mubadala, have actively invested in mining and processing capacities internationally, positioning OPEC members as key players in the global critical minerals supply chain. Ultimately, through strategic diversification, OPEC reinforces resource security, economic resilience, and sustainable development, impacting both petroleum and interconnected global commodity markets.