Editing OPEC (section)

===2008: Production dispute===
[[File:Oil Balance.png|thumb|alt=refer to caption|Countries by net oil exports (2008)]]
The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. Poorer members have pushed for production cuts from fellow members, to increase the price of oil and thus their own revenues.<ref name=owen032010>{{cite journal |doi=10.1016/j.enpol.2010.02.026 |first1=Nick A. |last1=Owen |first2=Oliver R. |last2=Inderwildi |first3=David A. |last3=King |title=The status of conventional world oil reserves: Hype or cause for concern? |date=August 2010 |journal=Energy Policy |volume=38 |issue=8 |pages=4743–4749|bibcode=2010EnPol..38.4743O }}</ref> These proposals conflict with Saudi Arabia's stated long-term strategy of being a partner with the world's economic powers to ensure a steady flow of oil that would support economic expansion.<ref>{{cite web|url=http://www.saudiembassy.net/1999News/Statements/SpeechDetail.asp?cIndex=327 |first=Ali |last=Al-Naimi |title=Saudi oil policy: stability with strength |publisher=Saudi Embassy |date=20 October 1999 |url-status=unfit |archive-url=https://web.archive.org/web/20090426011929/http://www.saudiembassy.net/1999News/Statements/SpeechDetail.asp?cIndex=327 |archive-date=26 April 2009 }}</ref> Part of the basis for this policy is the Saudi concern that overly expensive oil or unreliable supply will drive industrial nations to conserve energy and develop alternative fuels, curtailing the worldwide demand for oil and eventually leaving unneeded barrels in the ground.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2015-04-12/saudi-arabia-s-plan-to-extend-the-age-of-oil |publisher=Bloomberg News |first=Peter |last=Waldman |title=Saudi Arabia's Plan to Extend the Age of Oil |date=12 April 2015 |access-date=10 March 2017 |archive-url=https://web.archive.org/web/20170224083439/https://www.bloomberg.com/news/articles/2015-04-12/saudi-arabia-s-plan-to-extend-the-age-of-oil |archive-date=24 February 2017 |url-status=live }}</ref> To this point, Saudi Oil Minister Yamani famously remarked in 1973: "The Stone Age didn't end because we ran out of stones."<ref>{{cite news |first=Matt |last=Frei |date=3 July 2008 |url=http://news.bbc.co.uk/2/hi/americas/7486705.stm |title=Washington diary: Oil addiction |publisher=BBC |access-date=27 January 2014 |archive-url=https://web.archive.org/web/20131031103610/http://news.bbc.co.uk/2/hi/americas/7486705.stm |archive-date=31 October 2013 |url-status=live }}</ref> To elucidate Saudi Arabia's contemporary approach, in 2024, Saudi Energy Minister Prince [[Abdulaziz bin Salman]] articulated a stance that reflects how the kingdom has adapted to the evolving economic needs within OPEC and the broader international community. Emphasizing the need for a balanced and fair global [[energy transition]], he highlighted the importance of diversifying energy sources and noted significant investments in [[natural gas]], [[Petrochemical|petrochemicals]], and [[Renewable energy|renewables]]. These efforts support economic development in [[Emerging market|emerging countries]] and align with global [[Climate target|climate objectives]].<ref>{{Cite web |date=2024-04-29 |title=Geopolitical stability, inclusive growth, energy security under spotlight in Riyadh at World Economic Forum Special Meet... |url=https://www.aetoswire.com/en/news/2904202438953 |access-date=2024-05-19 |website=www.aetoswire.com}}</ref><ref name=":11">{{Cite web |last=Iordache |first=Ruxandra |date=2024-02-12 |title=Saudi energy minister pins Aramco's oil capacity halt on green transition |url=https://www.cnbc.com/2024/02/12/saudi-energy-minister-pins-aramcos-oil-capacity-halt-on-green-transition.html |access-date=2024-05-19 |website=CNBC |language=en}}</ref> Additionally, he addressed shifting [[energy security]] concerns, stating, "Energy security in the 70s, 80s, and 90s was more dependent on oil. Now, you get what happened last year... It was gas. The future problem on energy security will not be oil. It will be renewables. And the materials, and the mines."<ref name=":11" />

On 10 September 2008, with oil prices still near US$100/bbl, a production dispute occurred when the Saudis reportedly walked out of a negotiating session where rival members voted to reduce OPEC output. Although Saudi delegates officially endorsed the new quotas, they stated anonymously that they would not observe them. ''[[The New York Times]]'' quoted one such delegate as saying: "Saudi Arabia will meet the market's demand. We will see what the market requires and we will not leave a customer without oil. The policy has not changed."<ref name=discordant>{{cite news |url=https://www.nytimes.com/2008/09/11/business/worldbusiness/11oil.html|author=Jad Mouawad|title=Saudis Vow to Ignore OPEC Decision to Cut Production |newspaper=[[The New York Times]]|date=11 September 2008 |access-date=11 February 2017 |archive-url=https://web.archive.org/web/20170904202313/http://www.nytimes.com/2008/09/11/business/worldbusiness/11oil.html |archive-date=4 September 2017 |url-status=live }}</ref> Over the next few months, oil prices plummeted into the $30s, and did not return to $100 until the Libyan Civil War in 2011.<ref name=basketprice/>