Oil prices have fallen 40 percent over the past six months. OPEC, which is holding production levels steady, said today it expected lower global demand for oil next year.
Falling oil prices have been good news for the U.S. But they're causing multiple problems for some exporters. Government budgets are strained. Economies are struggling. Currencies are crashing.
The agreement could ease some pressure on Iraq's government, which is facing an economic crisis, and on Kurdish authorities who have had trouble paying government employees and security forces.
Slumping oil prices are continuing to have global economic repercussions. At home, that means lower gas prices, but in other countries more dependent on oil, the effects are serious.
Ministers of the Organization of Petroleum Exporting Countries meeting in Austria could not agree to cut production in an effort to stabilize global crude prices.
Highly reliant on oil imports, Spain's government is encouraging oil exploration off the coast of the Canary Islands. But locals say the drilling threatens the natural attractions that draw tourists.
The long-delayed project is a jobs generator to some and an ecological disaster to others. Ahead of a key Senate vote, we revisit what the Keystone XL pipeline would do and why it's so contentious.
The U.S. is now the world's largest oil producer, and some worry that falling prices could mean an industry slowdown. But with production costs also falling, drillers are unlikely to cut back soon.
As oil prices dip, controversial and relatively expensive production methods, like oil sands and fracking, have become less profitable. Some drillers are already cutting back on plans for more wells.
Normally, the "central banker of oil" would slow production to push up prices. Not so now. Some say it's a geopolitical tactic aimed at Russia and Iran; others say it's just protecting market share.