OPEC AND THE OIL STRATEGY: TIME FOR PRODUCER-CONSUMER DIALOGUE

This strategic analysis examines OPEC's oil market strategy during the late 1980s and assesses the prospects for renewed producer-consumer dialogue in the global energy sector. The article explores the challenges facing OPEC in maintaining market stability and price levels amid changing global energy patterns. The research investigates the internal dynamics within OPEC, analyzing differences among member states regarding production quotas, pricing policies, and long-term strategy. The study examines the impact of non-OPEC oil production, conservation measures, and alternative energy sources on OPEC's market position. The article assesses the evolution of producer-consumer relations since the oil shocks of the 1970s and analyzes the conditions for constructive dialogue in the contemporary period. The research also evaluates the implications of oil market developments for oil-importing developing countries like Bangladesh. Furthermore, the analysis considers the future role of OPEC in the global energy system and identifies potential areas for cooperative producer-consumer engagement.

The Organization of Petroleum Exporting Countries faced significant challenges in the late 1980s oil market, with this article providing a comprehensive assessment of OPEC strategy and producer-consumer relations. The research begins by examining the historical context of OPEC's market position, tracing the evolution from the oil shocks of the 1970s through the price collapse of the mid-1980s to the stabilization efforts of the late 1980s. The analysis explores the internal dynamics of OPEC, investigating how differences among member states regarding production capacities, financial needs, and political orientations affected collective decision-making on production quotas and pricing. The article examines the external challenges facing OPEC, including growing non-OPEC production from the North Sea, Mexico, and other regions, conservation and efficiency measures in consuming countries, and the development of alternative energy sources. The study assesses OPEC's market stabilization efforts, analyzing the quota system, price reference mechanisms, and attempts to coordinate with non-OPEC producers. The research evaluates the prospects for producer-consumer dialogue, examining previous initiatives like the North-South dialogue on energy and identifying potential areas for cooperative engagement on market stability, technology transfer, and development assistance. Based on the comprehensive assessment, the article analyzes both the constraints and opportunities for constructive producer-consumer relations and identifies strategic options for oil-importing developing countries in the evolving global energy landscape. The findings provide valuable insights into the dynamics of global energy governance and contribute to understanding how resource interdependence can be managed through cooperative frameworks.