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OPEC

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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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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Why OPEC might decide to take a break from its alliance with Russia

by Andy Uhler
Jun 1, 2022
Russia is the world's third-largest oil producer — such a decision won't be made lightly.
The relationship between Russia and the Organization of the Petroleum Exporting Countries has always been contentious.
Joe Klamar/AFP via Getty Images
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What does OPEC have to say about the Russian oil situation? Not much.

by David Brancaccio and Meredith Garretson
Mar 9, 2022
Part of it comes down to the oil world's "delicate equilibrium."
Joe Klamar/AFP via Getty Images
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Biden administration considers its options as gas prices rise

by Justin Ho
Nov 18, 2021
Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
There are several factors that go into why the price for gas can be so different from country to country.
Justin Sullivan via Getty Images
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Why politicians have little sway over gas prices

by Andy Uhler
Aug 12, 2021
In an attempt to moderate gas and oil prices, Biden has asked OPEC to increase production, despite it being a function of market forces.
Gas prices near $6 a gallon at a Shell station on July 12 in San Francisco.
Justin Sullivan via Getty Images
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