OPEC faces mounting pressure as officials meet in Vienna

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The Organization of the Petroleum Exporting Countries is grappling with one of the most serious crises in its 65-year history as officials gather at its headquarters in Vienna.

The oil-producing bloc is dealing with several urgent challenges, including the ongoing global energy crisis and a surprise announcement by the United Arab Emirates that it plans to leave the organisation after many years of membership.

However, discussions at Wednesday’s meeting focused largely on a different issue. Officials presented OPEC’s annual flagship report, now in its 61st edition. The report compiles detailed data on global oil imports and exports, reserves, and demand trends.

According to the report, global oil demand increased in 2025 compared to 2024. It also showed higher oil reserves and a rise in exports, with much of the supply going to Asia, Latin America and the Middle East.

The findings, however, reflect a period before the UAE’s decision to exit the group, a move that is expected to significantly affect future projections and the outlook for the next report.

Reporters who visited the OPEC headquarters earlier in the day sought official comments on the UAE’s departure. A senior official from the secretary-general’s office declined to elaborate, saying they had nothing to say on the matter at this time.

The lack of response has added to speculation that the organisation is operating in a state of heightened concern as it navigates the unfolding situation. 

Source: Al Jazeera via UNB