Here’s why oil prices are climbing to their highest levels in two weeks, despite a group of oil producers agreeing to open ...

OPEC was formed by five petroleum-rich countries in 1960. At the time, the global oil market was dominated by a group of multinational, Anglo-American companies known as the “Seven Sisters.” ...

Nov. 13, 2012 -- Drillers in Utah and Colorado are poking into a massive shale deposit trying to find a way to unlock oil reserves that are so vast they would swamp OPEC.

The oil cartel known as OPEC Plus said it would continue the strategy agreed to in July, rubber-stamping a 400,000-barrel-a-day production increase for April.

The OPEC Plus cuts will coincide with the conclusion of that initiative. The timing will amplify the impact, and Mr. Biden is considering releasing more oil reserves intermittently through the winter.

OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by OPEC+ producers, shedding some light on the factors behind the surprise ...

OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year's figure, citing mounting economic challenges including high inflation ...

By 2050, OPEC and Russia are projected to make up 58% of output. “Things may turn around, but there’s such a deficit of investment, it will take time to come back from that,” Wald said.

OPEC has not invited Reuters or Bloomberg news agencies to report on ministerial meetings in Vienna this weekend to discuss future oil policy, according to reporters, Bloomberg and an OPEC source ...

A Delicate Balancing Act For OPEC Plus While global crude demand has risen during 2024, the pace of increase has been slower than anticipated by OPEC, which initially projected a demand uptick of ...

OPEC has been replaced by OPEC+, a loose organization of 24 oil producing nations -- led by Saudi Arabia and Russia -- that is redefining the cartel's role in global crude markets.

OPEC Is Born OPEC was established in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela; its membership has expanded and contracted over the years.