OPEC is a powerful intergovernmental organization that was established in the 1960s with its primary mission being to coordinate and unify petroleum policies among its member countries to ensure stable oil markets, fair pricing, and a steady supply of oil to consumers. OPEC is able to help stabilize oil prices by engaging in dialogue and cooperation with non-member oil-producing nations, contributing to energy security and global economic stability.

 

However, the rapid advancement of technology including digital technology has reshaped global markets, and oil trading is no exception. Digitalization is transforming how oil is traded, analyzed, and regulated, but with it come risks including cybersecurity threats, regulatory gaps, and potential market disruptions. We invite delegates to explore how OPEC member states and their partnering states can adapt their policies to embrace these technologies while safeguarding the integrity and stability of the global oil market.

 

Alongside technological development geopolitical conflicts like the Russia-Ukraine war have disrupted the global oil supply causing a mass flunctuation in oil prices. From wars to trade sanctions, instability in oil-rich regions often leads to production halts, supply chain disruptions, and fluctuating prices. As OPEC continues to play a central role in stabilizing the oil market, delegates must consider how to respond to conflicts that threaten global oil supply.