Eight members of the OPEC Plus oil producers group said Saturday that they would pump an additional 548,000 barrels a day starting in August, an increase that was higher than some analysts ...

The Organization of the Petroleum Exporting Countries (OPEC) produced less crude oil in May than its laid out plans. According to the data published by OPEC, the cartel increased its production ...

OPEC controls around 40% of global oil output and Riyadh has previously used price-driven pressure to bring fellow OPEC members into line — most notably in the mid-1980s, the late 1990s and ...

A Delicate Balancing Act For OPEC Plus While global crude demand has risen during 2024, the pace of increase has been slower than anticipated by OPEC, which initially projected a demand uptick of ...

The Saudi oil minister has said prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel.

OPEC sees global oil demand growth this year at just over 2 million barrels per day. In its latest assessment, the IEA believes growth would be below 1 million bpd this year.

OPEC might be able to start relaxing its production quotas while keeping prices high. It’s important to note that OPEC countries possess 70% of the world’s proved oil reserves.

OPEC raised its world oil demand forecasts for the medium and long term in an annual outlook, and said $14 trillion of investment is needed to meet this demand even as renewable fuel use grows and ...

OPEC said the oil industry would need to invest some $14 trillion by 2045–roughly $2 trillion more than the its 2022 forecast–to provide energy security amid strong economic and population ...

OPEC Plus treads carefully as economic head winds keep oil prices down, with a decision that's unlikely to cause a significant swing in pump prices for U.S. drivers.

Last fall, the oil cartel announced a production cut of 2 million barrels per day, but the actual cut turned out to be just half that. "This is just an announcement," AAA's Grossman added.

Oil prices are driven by many factors including supply and demand. Member countries of the Organization of the Petroleum Exporting Countries (OPEC) produce about 40% of the world's crude oil.