The group of oil producers known as OPEC+ has become an irrelevance. Amid the most unstable oil-supply situation in more than 30 years, it went missing in action.
The 23 countries, which together account for nearly 45% of the world’s oil production, met on Wednesday with crude prices surging to their highest levels since 2014. Their virtual gathering lasted just 13 minutes. From the subsequent crowing about the new record set for the brevity of the meeting, you’d be forgiven for thinking that the mission was to get together for as short a time as possible, rather than to balance the oil market.
Russia’s invasion of Ukraine and the potential impact on oil markets wasn’t even deemed worthy of discussion. That is a shocking dereliction of duty for a group that considers itself the central bank of oil.