OPEC

World News

OPEC To Boost Output Modestly, Ending Divisive Talks Amid Uncertain Global Economy

4:15pm December 03, 2020

by Camila Domonoske

The group had been expected to delay production increases for several months, given the ongoing impact of the coronavirus pandemic. But after days of deliberations it agreed on a small increase.

An oil rig towers over houses last week in Nigg, Scotland. Major players in the oil industry expect depressed oil demand and low prices to continue well into next year.

Oil Demand Has Collapsed, And It Won't Come Back Any Time Soon

8:27pm September 15, 2020

by Camila Domonoske

The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.

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An Austrian army member stands in front of OPEC's headquarters in Vienna on Thursday.

World News

As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In Output

8:08pm April 12, 2020

by Camila Domonoske

Marathon video chats led to a record-setting 9.7 million barrels per day in cuts. But analysts say that's not a big enough drop to balance oil markets, given the total collapse in demand for crude.

Oil prices dropped 30% Sunday after Saudi Arabia announced it would boost production and cut prices.

Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts

10:52pm March 08, 2020

Oil prices dropped as much as 30% following the unexpected Saudi decision to cut prices and boost production. The move reflects the uncertainty surrounding the coronavirus and its economic effects.

Saudi Arabia and Qatar face off during the AFC Asian Cup in Abu Dhabi, United Arab Emirates, on Thursday.

Politics Stay Off The Soccer Field As Qatar Plays Saudi Arabia

8:05pm January 17, 2019

by Francesca Paris

Qatar beat its larger neighbor 2-0. In the background was a boycott organized by Saudi Arabia, which has accused Qatar of funding terrorism.

OPEC President Suhail al-Mazrouei speaks Friday at OPEC headquarters in Vienna. OPEC, Russia and other producers have agreed to cut production, ignoring pressure from President Trump.

Oil Prices Jump After OPEC Agrees To Bigger-Than-Expected Production Cut

1:30pm December 07, 2018

by Avie Schneider

Ignoring pressure from President Trump to keep the oil flowing, OPEC, Russia and other producers have agreed to cut production. They hope to stem a 30 percent drop in oil prices in recent weeks.

Qatar will officially exit OPEC on Jan. 1, the country's energy minister, Saad al-Kaabi, said at a news conference in Doha on Monday.

Qatar Will Pull Out Of OPEC, As Rift With Saudi Arabia Deepens

1:53pm December 03, 2018

by Bill Chappell

Qatar made the announcement early Monday — the same day it informed OPEC it is withdrawing from the group. The country says it wants to focus on producing natural gas.

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Gas prices are expected to increase during summer months, but a recent OPEC decision could bring prices down as soon as this fall.

More Oil From OPEC May Not Mean Relief At The Gas Pumps Anytime Soon

4:22pm June 22, 2018

by Charlotte Norsworthy

Drivers might be cheering OPEC's decision to increase oil production, but analysts say the extra supply isn't expected to drive gasoline prices down in time for summer vacation season.

Saudi Arabia's King Salman and Russian President Vladimir Putin pose for a photo during a welcoming ceremony at the Kremlin in October 2017. Last year, Saudi Arabia and Russia were the world's second- and third-largest oil producers, respectively.

World News

Why Are Gas Prices Up? These Frenemies Get Some Of The Blame

3:13pm April 30, 2018

by Uri Berliner

Russia and Saudi Arabia have been longtime adversaries over geopolitics and military operations in the Middle East. Now, they've formed a surprising bond that is helping boost oil and gasoline prices.

Pumpjacks in North Dakota's Bakken oil patch extract oil from deep underground. Oil production has grown nationally in recent months to 9.3 million barrels of oil per day.

Boom Time Again For U.S. Oil Industry, Thanks To OPEC

9:39pm May 24, 2017

by Amy Sisk

The oil industry is coming out of a two-year slump after OPEC cut production. In oil-rich North Dakota, there are more energy jobs than available workers and local businesses are seeing a revival.

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