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OPEC

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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To stay atop the oil market, OPEC became OPEC+. But keeping the cartel in sync isn't easy.

by Lily Jamali
Jun 28, 2023
The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven't always done what the Saudis want.
OPEC and OPEC+ members break their oil production promises all the time, said Victor McFarland at the University of Missouri.
Joe Klamar/AFP via Getty Images
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Saudis are trying to prop up oil prices by lashing out at short sellers

by Lily Jamali
May 24, 2023
And if it doesn't work, they'll cut production.
An aerial view of an oil facility in eastern Saudi Arabia. The country is the de facto leader of OPEC+.
Giuseppe Cacace/AFP via Getty Images
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OPEC grapples with sliding oil prices

by Lily Jamali
May 10, 2023
The cartel releases its monthly oil market report on Thursday.
Despite the fact that OPEC nations cut oil production last month, oil prices are largely back to where they were in early April.
Joe Kalmar/AFP via Getty Images
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Oil demand is steady, but now OPEC+ is cutting supply

by Justin Ho
Apr 3, 2023
The economies of China, the U.S. and Europe will all be affected by the cartel's move to boost energy prices.
An oil tanker delivers crude to a Chinese port. China’s been increasing its oil demand, but that may not offset a potential slowdown in the West, according to Sara Vakshouri of SVB Energy.
STR/AFP via Getty Images
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