🚗 🚙 Turn your trusty old car into trustworthy journalism Learn more

OPEC+ members say they'll cut oil production. Global markets don't seem to believe them.

Nov 30, 2023
Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.
OPEC+ members are promising a pullback of as much as 2 million barrels a day, at least half of that from the Saudis.
Joe Klamar/AFP via Getty Images

There's an oil market crisis even without sanctions on Russian exports

Mar 2, 2022
Brent crude rose above $113 a barrel Wednesday — the highest level in eight years.
Though oil prices have reached the highest levels in eight years, OPEC+ is choosing not to ramp up production.
Frederic J. Brown/AFP via Getty Images

Pain at the pump? Think Iran.

Jun 21, 2021
Yes, the economy is reopening globally. But gasoline prices are also affected by Iran's latest election.
The price of crude oil has risen $3 to about $75 per barrel since Iran elected Ebrahim Raisi president last week.
Justin Sullivan via Getty Images

Storage is the hottest commodity right now in oil markets

Mar 31, 2020
Swooning demand means there's a lot of oil being produced but not consumed. That's making storage prices soar.
The price to store oil is soaring. Above, a pipeline carries oil at the Federal Strategic Petroleum Reserve facility known as Big Hill near Beaumont, Texas.
Joe Raedle/Newsmakers

Why oil prices move up and down so much

Feb 26, 2015
Predicting global supply and demand is enormously complicated