OPEC, OPEC+, West Asian Rivalries, and Emerging Geopolitics — Implications for India and I2U2

OPEC, OPEC+, West Asian Rivalries, and Emerging Geopolitics — Implications for India and I2U2

Introduction

The geopolitics of energy has long shaped international relations, and few institutions illustrate this better than Organization of the Petroleum Exporting Countries and its expanded format, OPEC+. In recent years, this energy architecture has come under stress due to shifting power balances, intra-Gulf rivalries, U.S. strategic interventions, and regional conflicts—especially the escalating confrontation between Israel and Iran. The potential blockade of the Strait of Hormuz and the reported exit of the United Arab Emirates from OPEC further complicate the situation. These developments have profound implications not only for global oil markets but also for countries like India and groupings like I2U2.

Historical Evolution of OPEC and OPEC+

OPEC was founded in 1960 at the Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Its primary objective was to reclaim control over oil production and pricing from Western oil companies. Over time, OPEC emerged as a