OPEC At A Crossroads

24 Apr 2026: Will OPEC’s influence fade or will the cartel adapt again? The crisis in the Middle East and, in particular, the blockade of the Strait of Hormuz, one of the world’s most important maritime chokepoints, has reminded oil markets of the importance of Middle East OPEC.  It also highlighted that the key drivers to OPEC’s influence is not only the cartel’s massive oil reserves, production levels and spare capacity, but also the ability of its members to reliably and cheaply ship these barrels to global markets.  While the former drivers remain undisputed, the latter has been cast in doubt.  This is not the first crisis in the storied history of OPEC, and it probably won’t be the last.  In this week’s Tanker Opinion, we’ll discuss some of the cartel’s history, how they dealt with challenges before and how this crisis could shape the future of OPEC and the oil market for years to come.