Goodbye OPEC, Hello OMEC. A Shift From Petroleum Power To Minerals Power
As OPEC fades OMEC might move into view, a shift that recognizes the replacement of petroleum and other fossil fuels with battery metals needed in the drive for cleaner energy.
Long a thorn in the side of leading western economies the Organization of Petroleum Exporting Countries (OPEC) has seen its grip on global energy loosened by the rise of critical energy metals such as lithium, copper, cobalt, nickel and graphite.
The importance of those metals, and a few others such as vanadium, prompted a senior partner with the accounting firm of KPMG to suggest that there was scope for an Organization of Mineral Exporting Countries (OMEC).
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