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Despite geopolitical tensions simmering in West Asia and Opec’s production cuts, oil prices have remained remarkably stable. This unexpected calm raises a crucial question: Why hasn’t the oil market gone into overdrive? For decades, Opec held sway over global oil markets. However, the cartel’s dominance is diminishing. New oil producers like Guyana and Brazil are emerging, challenging Opec’s control. The US shale revolution and technological advancements have further eroded Opec’s power. Also, the rise of renewable energy sources, coupled with economic slowdowns in major economies, has tempered global oil demand growth. This shift, combined with Opec’s reduced market share, has limited its ability to dictate prices. Also, as the world transitions towards a low-carbon future, Opec’s traditional role as a price-setting cartel is being challenged.