OPEC Has Lost Market Leverage, Says CFR's Richard Haass

The video discusses the historical and current influence of OPEC on global oil markets. It highlights the challenges OPEC faces, including compliance issues and the rise of shale production in the U.S., which have reduced its market leverage. The video also explores geopolitical factors affecting OPEC's influence, such as conflicts in the Middle East and economic conditions in countries like Nigeria and Venezuela. Additionally, it examines Russia's strategic alignment with OPEC to maintain its economic stature through energy markets.

In what ways has the context of the oil market changed since the early 2000s?

What role does Russia play in the current dynamics of the oil market?