By Ed Conway, Economics Editor
The era of OPEC domination over the global energy market is over, the former head of the oil cartel has told Sky News.
Abdullah bin Hamad al-Attiyah, the former energy minister of Qatar, said that the group of 12 oil exporters, which dominated the production and price-setting of energy for half a century, had surrendered its power to single-handedly affect prices.
He urged the organisation to collaborate with Russia and reduce global oil production.
Asked whether the era of OPEC dominance was finished, he said: "It's over. OPEC cannot play alone. This is why when OPEC met at the last moment they cannot decide it because if they will cut there is no meaning it will be the others who will benefit and even increase their production."
His comments, in an exclusive Sky News interview, come after the oil price fell sharply, from $115 a barrel earlier this year to below $60 last week.
The collapse in prices has triggered a currency crisis in Russia and threatens to undermine prosperity in the Middle East, where stock markets have fallen sharply. Mr al-Attiyah said that his country, Qatar, was well-placed to weather the downturn, but added that others might struggle more.
He said that he suspected Russia and others were waiting for OPEC to act - but that they might be mistaken.
"We have to learn from our lessons; we have to be careful.
"Sometimes we forget the cycle and just close our eyes thinking that the oil price will never go down. But ... it happened before. And it will happen in the future."
He warned that it was conceivable that the oil price remained depressed for as long as 15 years - as it did from the oil price crash in the mid-1980s.
He said that prices needed to be lifted to $90 or $100 a barrel to keep most producers in business. He also disputed claims that OPEC had not cut its production at a recent meeting because it wanted to undermine the viability of shale oil production in the US.
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