OPEC Explores Potential Membership Expansion through Consultations with Azerbaijan, Malaysia, Brunei, and Mexico

The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has disclosed that OPEC is actively considering expanding its membership by engaging in consultations with Azerbaijan, Malaysia, Brunei, and Mexico.

Al Ghais highlighted the significance of consulting with external countries as a means to reinforce OPEC’s unity. He clarified that the organization’s aim is not to add a specific number of countries, but rather to identify nations that share strategic objectives in preserving and stabilizing oil markets. Al Ghais revealed this on the sidelines of the 8th OPEC International Seminar which concluded recently. Notably, the four countries under consultation have demonstrated solidarity with OPEC since 2017. Al Ghais emphasized that they faced substantial challenges during market downturns and the global pandemic in 2020. As a result, all four countries share a common goal aligned with the interest of stabilizing oil markets.

These consultations mark OPEC’s proactive approach to shaping the future of global energy dynamics. The outcomes of these discussions and their potential implications for the oil industry will be closely watched.