U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.

Gas prices expected to creep back up after OPEC announced plans to cut oil production 02:17 The United Arab Emirates said on Tuesday that it is leaving the OPEC oil cartel after more than 50 years of membership. The UAE said its decision to exit OPEC ...

The Iran war exposed a long-simmering feud within the world’s most powerful oil cartel, boiling over this spring when it contended with the biggest oil supply shock in history. Now OPEC, the largest consortium of oil-producing nations, faces a fight for ...

Saudi Arabia reported to OPEC that it increased crude oil production by just over 1 million barrels a day last month, a reflection of the recovery among Persian Gulf producers during a brief ceasefire in the Iran war.

OPEC Secretary General Haitham Al Ghais emphasizes the critical need for continued investment in oil and gas, projecting their substantial role in the global energy mix until 2050. Primary energy demand is expected to increase by 23% by 2050, with oil ...

Add Yahoo as a preferred source to see more of our stories on Google. FILE PHOTO: An installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) is seen during the COP29 United Nations climate change ...

Yet even when fighting was most intense, oil prices never reached the $150 a barrel many analysts had predicted at the start of the conflict. For this, thank a few governments. Soon after Iranian munitions made the Strait of Hormuz unpassable,