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OPEC

OPEC postpones plans to increase production — again

by Elizabeth Trovall
Nov 4, 2024
The oil cartel is holding back millions of barrels a day.
Gas prices have been weak lately, so OPEC's been holding back production.
Brandon Bell/Getty Images
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Why OPEC is downgrading its demand forecast for the 3rd time in 3 months

by Samantha Fields
Oct 14, 2024
Oil demand is still expected to grow in the coming year, but more slowly, and especially in China.
China imports more crude oil than any other country in the world. And right now, it's having economic problems.
Brandon Bell/Getty Images
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Oil prices dip but still face plenty of upward pressure

by Henry Epp
Aug 5, 2024
Recession fears blunt demand, lowering prices. But conflict in the Middle East and OPEC+ production cuts could push them up again.
Considering the global economy and geopolitics, the price of oil has remained remarkably stable, says Hugh Daigle at the University of Texas at Austin.
Getty Images/shotbydave
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A new report says worldwide oil demand will peak in 2029. Some oil industry observers are skeptical.

by Caleigh Wells
Jun 13, 2024
Even if the prediction's right, Big Oil will be with us much longer.
Even if the IEA's estimate is right, petroleum will continue to be a massive industry past 2029.
Brandon Bell/Getty Images
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What goes into OPEC's decision-making?

by Nancy Marshall-Genzer
May 31, 2024
The cartel wants to manipulate production to push up prices and demand.
“Price is always in the background as part of the discussion,” says Mark Finley at Rice University’s Baker Institute.
Thomas Kronsteiner/Getty Images
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Gas prices inch down as outlook appears stable

by Kristin Schwab
Jan 8, 2024
Gas is close to the $3 per gallon mark and has broken that in parts of the South.
In some parts of the South, gas prices are already below $3 a gallon. Above, a Chevron gas station in Austin, Texas.
Brandon Bell/Getty Images
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Angola is leaving OPEC. What does that mean for the cartel?

by Kristin Schwab
Dec 26, 2023
The split was Angola’s idea. What does it mean for OPEC — the group of oil-producing developing nations — and for the country?
Angola's oil production has been roughly halved since the early 2000s. Above, an oil production storage and offloading vessel off the coast of Angola.
Rodger Bosch/AFP via Getty Images
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U.S. oil producers have increased production, frustrating OPEC's efforts to prop up oil prices

by Justin Ho
Dec 20, 2023
Domestic oil production is running around a million barrels a day ahead of predictions.
This time last year, cuts by OPEC helped push oil prices above $80 a barrel. American producers took notice.
Frederic J. Brown/AFP via Getty Images
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Delay of OPEC+ meeting leaves questions about oil supply cuts

by Henry Epp
Nov 22, 2023
The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.
A lot of OPEC countries would really like it if the price of oil was a bit higher.
Joe Klamar/AFP via Getty Images
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Why the U.S. is a spoiler for OPEC's plan to raise oil prices

by Lily Jamali
Jul 10, 2023
OPEC is trying to cut production among its members in a bid to push up the price of oil, but it hasn't gone according to plan.
One reason oil prices are down is because production in the U.S. has been strong.
Mario Tama/Getty Images
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