[riverdawg]

OPEC now has very little pricing power. Among the top five oil producing countries, only Saudi Arabia is an OPEC member.

[thackney]

OPEC now has very little pricing power.

OPEC has produced ~40% of the world oil supply for several decades. The only times it significantly produced less, was when they chose to drive prices higher by producing less oil, until the demand market caught back up.

Their "strength" in market share is essentially unchanged. But their ability to work together seems to have diminished, although they have often disagreed over the decades.

[mrsmith]

“OPEC now has very little pricing power. “

That’s the key. When demand rises or supply falls enough that reducing production increases the price they will reduce production.

Until that day, if it ever comes, they have no reason to reduce.