The cartel is trying to undercut the U.S. and other nonmember exporters.

But that means consumers can expect lower prices at the pump.

Oil production near Guyana is ramping up while production in places like the Permian Basin appears to be approaching a plateau.

Despite fears about how oil shipments could be affected if Iran targets tanker traffic moving through the Strait of Hormuz, global supply remains strong.

Global oil prices are simply too low to make it profitable.

The U.S. Energy Information Administration reports that pump prices on average were 21 cents lower per gallon in 2024 than they were in 2023.

It’s an international love story of sorts, featuring “thick, heavy, goopy crude oil.”

The cartel wants to manipulate production to push up prices and demand.

U.S. refineries, which are concentrated on the Gulf Coast, could be especially impacted by destructive storms, prodding prices up.

New, more productive technology helped, along with pressure for profits.