Make OPEC Great Again

The seventies were a different time man. Back then the US had just hit peak oil, you could count your car’s MPG on your hands, Russia was just warming up, the Canadian oil sands were just a gooey sludge, and OPEC had all the power in the world. US oil demand was continually increasing and with their unexpected peak in production, quickly needed other sources of oil. The Sauds and OPEC took advantage and created the 1973 oil crisis. These Arab countries were flexing their newly discovered political and economic muscles, and had the US over a barrel (pun 100% intended). Never before and probably never again would such a militarily powerless group be able to pressure the US like that economically. With OPEC still producing a sizeable fraction of the world’s oil, why are they not still the economic power that they once were. And the reason is progress. Back in the seventies, the OPEC countries were mostly all poor and undeveloped with small tribal populations and few major cities. Back in the day exerting their influence on the global stage was far more important than profit margins. These countries had no one to answer to. The populaces were small and poor and the leaders barely had to answer to them. And after multiple world wars in their region and the meddling of foreign powers these countries were all eager to make a name for themselves. They had a chance to stick their thumbs in the eyes of the imperial powers and gladly took it. It is a different world these days. All of those countries have grown up and have booming populations that require ever increasing amounts of GDP. And through neglect and hubris most of their economies are completely controlled by their respective oil industries. So when the current oil crisis hit, they all were more concerned with market share and the bottom line than exerting influence. OPEC countries have all become to corporately minded. The fear of losing market share to a  rival is now far more important than wielding influence. They have all become so tied to oil profits that they are no longer able or willing to make large production swings to correct the market. So they all produce as much as they can in order to try and stay in the black while further depressing the price. The price of oil will no longer be corrected by any OPEC actions, but by the changes in production of the global market. The actions of the past year and especially the past month have shown that OPEC is no longer able to function as one entity and make changes to affect the market. OPEC is for all intents and purposes dead as a global political force.