However, it could only work for so long. Soon, OPEC will need to make a decision. Last year, oil traders were almost exclusively focused on demand and threats thereof, especially in China.

OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps. The group known as OPEC+ announced Sunday it would cut oil production by more than 1.6 million ...

West Texas Intermediate (WTI), futures on NYMEX, recovers its initial losses and rebounds to near $65.50 during the European ...

Prominent OPEC countries may be reluctant to risk lower oil prices, as doing so could jeopardize the budgets for their ... direction with Brent crude price expected to hit $90 a barrel soon.

The latest oil supply shockwave unleashed by OPEC+ is set to swell a surplus later this year, pressuring prices for producers ...

Yet getting the rest of OPEC to pick up the slack won’t be easy either: Iran, for example, is busy cranking out as much oil as possible. OPEC’s sweet spot may not last. Reuters Graphics ...

A portfolio manager pointed out a “unique” market development that could already be helping to tighten global crude inventories, even as major oil producers look to boost output for a fifth straight ...

OPEC may soon lose its sway over global oil prices, IEA says. Anna Cooban, CNN. June 12, 2024 at 9:39 AM. Copied; Manaure Quintero/Bloomberg/Getty Images.

The share of the oil market held by Saudi- and Russian-led oil cartel OPEC+ will soon shrink to the lowest level since its 2016 founding, according to a major energy forecaster. That's by design.

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday credited the U.S. and European Union (EU) for better-than-expected economic growth in 2022 while cautioning that such progres… ...

OPEC Is Losing Its Mojo on Wall Street Recent production cuts by the cartel and its allies haven’t led to sustained higher oil prices An oil field north of Basra, Iraq.

The Organization of the Petroleum Exporting Countries is hoping to give out more membership cards soon, with only 13 countries currently part of the oil producer group.