Wars Around The World Show No Signs of Abating. OPEC Cut Its Oil Demand Growth Forecast Further.
The organization now expects it to reach 400,000 barrels per day, compared to 1.4 million barrels per day at the beginning of the year.
OPEC+ Can't Control Oil Prices Like It Used To. China Is Filling the Power Vacuum.
Production announcements that once could send oil prices soaring or tumbling are having far less impact.
OPEC+ Agrees To Boost Oil Output. It May Not Reflect In Market Soon.
Export disruptions from the Gulf, Russia and Kazakhstan due to geopolitical conflicts meant that successive OPEC+ have remained largely on paper, causing little impact on the market. Major oil producers in the Gulf have not been able to increase exports due to the closure of Hormuz enforced by Iran.
OPEC+ Raises Output Target For August. Smooth Sailing Seen For Oil Price Trajectory
OPEC+ has agreed to a provide a significant boost to oil output by raising targets from August aimed to further add to global oil supplies after the Middle East conflict spurred prices to as high as $120 a barrel.
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Iraq Reportedly Considering Leaving OPEC If Quotas Are Not Raised After Iran War
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OPEC Chief Rejects IEA's Oil Glut Warning as Strait of Hormuz Reopens
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IEA Slashes 2026 Oil Demand Outlook Despite U.S.-Iran Agreement To Reopen Hormuz Strait
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Saudi Arabia's Oil Production Drops Over 40% To Lowest Level In More Than Three Decades: Report
More news
Oil Production Among OPEC Members Has Dropped More Than 30% Since Iran War Began
Oil production among OPEC members fell more than 30% since the beginning of the Iran war, the organization said.
UAE Quits OPEC Effective May 1: 10 Key Facts on Shocking Exit
The United Arab Emirates announced Tuesday it will leave both OPEC and the broader OPEC+ alliance effective May 1, delivering a major blow to the oil producers' group and its de facto leader Saudi Arabia amid the ongoing Iran conflict that has severely disrupted Gulf energy exports.
UAE Announces It Will Leave OPEC As Of Next Month Amid Cool Relations With Other Members
The United Arab Emirates announced it will leave the OPEC cartel and the wider OPEC+ group as of next month amid cooler relations with other members, particularly Saudi Arabia.
What Happens If US Holds Venezuela Forever — Impact on Global Oil Supply and Prices
Examining the long‑term consequences if the United States maintains control of Venezuela's oil wealth, from global supply shifts and price effects to geopolitical power and economic change.
OPEC+ Holds Production Levels as Internal Crises Rattle Oil Markets
OPEC+ keeps oil production steady amid political crises and market uncertainty, prioritizing stability over immediate action.
Oil Prices Decline As US Stockpiles Increase And OPEC+ Considers Output Hike
Analysts forecast that if current trends persist, Brent crude prices could average $59 per barrel in the fourth quarter of 2025, with further declines expected into early 2026.
OPEC+ Extends Oil Supply Cuts Through March 2025
The OPEC oil cartel and its allies are expected Thursday to extend their supply cuts to avoid a sharp drop in prices in a global market awash in crude.
OPEC+ Postpones Meeting On Oil Output To December 5
The OPEC+ alliance of major oil-producing nations has postponed a weekend meeting to December 5 in what analysts said were signs of disagreement among the group over plans to increase output.
FTC Says Hess CEO Encouraged OPEC To Raise Prices, Bans Him From Chevron Board
Oil company scion John Hess allegedly 'communicated publicly and privately with OPEC representatives and oil ministers of OPEC member states.'
Oil Prices Rise Over 1% As OPEC+ Decision Looms Amid Geopolitical Strain
Oil prices rose over 1% on Friday ahead of an OPEC+ decision on production cuts, driven by market expectations of supply constraints and geopolitical tensions in the Middle East.
Global Oil Prices Trend Down In Early 2024 As US Production Booms, OPEC Flounders
US oil output continues to reach new heights; Houthi attacks in the Red Sea persist; OPEC's eighth-largest producer is leaving the cartel.
Waning Influence Of OPEC+ In Spotlight As Prices Flag
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum Exporting Countries (OPEC) and its ten allies have struggled to boost flagging prices.
Gas Prices For US Consumers Reach Two-Year Low As Holiday Travel Season Approaches
Record domestic oil output is driving down gas prices.
COP28 Could End Up 'Toothless' As Key Commitments Pushed Down The Road In Draft Resolution
A draft of the UN climate conference's joint memorandum included non-compulsory methane emissions reductions and no mention of the oil industry.
OPEC+ Agrees In Principle To 2 Million Barrel Production Cut For Early 2024
OPEC+ will reportedly expand existing production cuts; oil prices are up as a major climate summit gets underway.
OPEC Lashes Out At IEA's Fossil Fuel Warning As International Climate Summit Looms
OPEC's Secretary General loudly defended continued investments in oil and gas on Monday, just days before the beginning of COP28 in Dubai.
In Focus This Week: OPEC+ Meeting, PCE Data, Powell Speaks, COP28 Starts
U.S. housing data, manufacturing in China and earnings of retailers and Canadian banks are also scheduled for the next few days.
Oil Prices Slide 4% After OPEC+ Unexpectedly Delays Ministerial Meeting
OPEC+ pushed its November meeting back by four days in a possible sign of disunity in the oil cartel.
OPEC+ Considers Further Oil Production Cuts Amid Falling Global Prices
Member countries of OPEC+ have collectively reduced their operational oil capacity by 5.2 million barrels per day in 2023, constituting approximately 5% of global oil production.
ExxonMobil Expands Guyana Oil Production Ahead Of Schedule, Increasing Output By 50%
Exxon opened a third offshore development in Guyana on Tuesday, accelerating the small South American country's rapid rise in oil production.
Oil Market More Robust Than Expected As Non-OPEC+ Countries Boost Production, IEA Says
Oil production and demand are both on the rise, according to the IEA, marking a contrast from the organization's "peak oil" proclamation in October.
OPEC Sees No Peak In Global Oil Demand On The Horizon
Despite mounting efforts to limit climate change, the OPEC oil cartel said Monday it expects demand for crude to continue to grow for the next two decades.
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