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Oil prices

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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Oil prices are plummeting as the banking crisis unfolds

by Lily Jamali
Mar 21, 2023
Trouble in the banking sector is scrambling expectations of how much oil the global economy needs right now.
Oil pumpjacks stand in the Inglewood Oil Field on in Los Angeles, California.
Mario Tama/Getty Images
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Russian oil prices are climbing — here's why

by Lily Jamali
Mar 9, 2023
Small independent processors in China are being joined by larger Chinese refiners, driving prices higher.
Since the start of war in Ukraine, Russia has shifted some crude exports to markets in Asia, like India, Turkey and China. Above, an oil refinery near Moscow.
Natalia Kolesnikova/AFP via Getty Images
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Big oil had one of its biggest years ever in 2022

by Lily Jamali
Jan 3, 2023
Both Exxon Mobil and Chevron reported their most profitable quarters of all time during the calendar year. Sustaining that growth is more complicated.
Chevron posted its most profitable quarter of all time after the war in Ukraine broke out.
Mario Tama/Getty Images
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What does the price cap on Russian oil mean for global oil prices?

by Lily Jamali
Dec 7, 2022
The $60 price cap was designed to limit Russian oil revenues, while keeping the oil itself flowing to avoid a global price shock.
After debating how high to set a price cap on Russian oil, Western allies agreed to $60 per barrel. Above, an oil refinery in Moscow.
Natalia Kolesnikova/AFP via Getty Images
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OPEC+ agrees to boost oil production. But probably not enough to lower prices.

by Justin Ho
Aug 3, 2022
The small increase of 100,00 barrels a day may be a sign that the cartel thinks a recession is coming.
By pledging to increase output by just 100,000 barrels a day, OPEC could be implying that it expects demand for oil to fall. Above, OPEC's headquarters in Vienna.
Joe Klamar/AFP via Getty Images
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U.S. oil refiners are doing well, even though gasoline prices are down

by Andy Uhler
Aug 2, 2022
Why? It's called the crack spread.
"Increases in the crack spread that we've seen recently has been just supply and demand,” explained MIT professor Christopher Knittel.
George Frey/Getty Images
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