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U.S. oil producers have increased production, frustrating OPEC's efforts to prop up oil prices

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

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

Delay of OPEC+ meeting leaves questions about oil supply cuts

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

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

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

Saudis cut oil production — but that might not lead to higher gas prices

Jun 5, 2023
Cutting production usually leads to an increase in prices. Here's why that might not be the case this time.
Stefani Reynolds/AFP via Getty Images

OPEC grapples with sliding oil prices

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

If you asked Santa for a break at the gas pump, you may get your Christmas wish

Dec 7, 2022
It's not the most wrappable holiday gift, but it's a popular one. Here's why we're seeing a dip in oil prices.
Brandon Bell/Getty Images

For public good, not for profit.

What's OPEC+ planning for oil production? It could go either way.

Nov 22, 2022
Analysts say the cartel might cut production if oil prices keep falling, but it could also expand output if supply tightens amid cold temperatures and restrictions on Russian oil.
OPEC headquarters in Vienna. It's hard to predict where oil output, and prices, are headed before the year is out.
Joe Klamar/AFP via Getty Images

To raise prices, OPEC+ to subtract oil production

Oct 5, 2022
Production will be cut by 2 million barrels per day, starting in November.
The logo of OPEC is pictured at the OPEC headquarters in Vienna.
Joe Klamar/AFP via Getty Images

OPEC+ agrees to boost oil production. But probably not enough to lower prices.

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