Will OPEC's defiant nature and it's refusal to acknowledge social, political and technological change lead to their downfall? The one thing history has taught us is that empires do not last and regimes need to evolve and change with the times or get destroyed in the process.
"Thirty years from now there will be a huge amount of oil - and no buyers. Oil will be left in the ground. The Stone Age came to an end, not because we had a lack of stones." Sheikh Ahmed Zaki Yamani, the former Saudi oil minister, 2001
OPEC’s World Oil Outlook released today is a remarkable document, the apologia of a pre-modern vested interest that refuses to see the writing on the wall. The underlying message is that the COP21 deal is of no relevance to the oil industry. Pledges by world leaders to drastically alter the trajectory of greenhouse gas emissions before 2040 - let alone to reach total "decarbonisation" by 2070 - are simply ignored.