In the game of poker, if one player gets dealt all the big cards, then obviously he or she is going to win the game because their cards beat all the other smaller cards held by their opponents.

All right?

All right, for Opec to hold all the cards is to suggest that it can probably succeed again in influencing world oil prices in a big way, i.e. raising them and keeping them high. After all, raising oil prices and hopefully keeping them high is basically what Opec is after, as always. By holding all the big cards in hand, it has the situation under control.

Oh, Opec DOESN’T have all the cards.

Well, that means precisely that. Oped doesn’t have all the cards, meaning it doesn’t have all the big cards after all.

Russia, a big oil producer in its own right, holds a big card or two, for example. For another example, America has a huge potential to bring a lot of oil to the market through fracking and therefore it has a few big cards of its own. It, too, will have some say.

Thing is, both Russia and America want the same thing Opec does – higher prices, if at all possible because higher prices means bigger profits for everyone.

Either way, Opec doesn’t, does not hold all the cards.

Enough analysis here, a simplistic point of view to be sure.

Now, examples of people holding or not “all the cards” in the media and what it means for them:

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