OPEC turns 60 years today, but the celebration has been postponed in the light of the ongoing pandemic. The combination of demand destruction caused by COVID-19, a struggling global economy, and fleeting energy demand is troubling the oil price recovery. At the same time, OPEC members such as Iraq, Iran, Venezuela, and even Algeria and Nigeria, are facing economic hardships due to much lower oil revenues. On the supply side, some relief for the cartel has come from internal conflicts in Iraq and Venezuela, which have reduced exports, and U.S. sanctions on Iran, which have significantly reduced the nation’s capacity to export crude oil and oil products. No real change is to be expected in these countries any time soon, but things could, however, be changing quickly for OPEC member Libya. The North African oil producer has seen its exports collapse as a result of the ongoing military conflict […]