OPEC

Just a couple months ago, some were declaring the old oil order dead after the Organization of the Petroleum Exporting Countries (OPEC) failed to agree on coordinated action at its April meeting in Doha.

Member countries of the Organization of Petroleum Exporting Countries produce about 40% of the world's crude oil, with exports representing about 60% of petroleum traded internationally. But when OPEC failed to reach agreement on controlling oil production levels at its April meeting, prices surprisingly crept up higher. For now, the global market has concluded that no producer, including OPEC, can exert control over prices, writes Chris Miller, associate director of Yale University's Grand Strategy Program. "The oil-price slump has put financial pressure on oil producers across the world, from Venezuela to Malaysia to Kazakhstan," he explains. "Over the past year, many officials and industry executives began advocating for cooperation between Russia and OPEC in an attempt to bolster prices." Saudi Arabia refused to go along without rival Iran, and the deal may not have accomplished much anyway. The United States, which prohibits its companies from joining cartels, has become a swing producer, and alternative energies are also slowing growth in the demand for oil.

A meeting of oil-rich countries in Qatar that had been expected to boost crude prices by freezing production fell apart Sunday as Iran stayed home and vowed to increase its output despite threats by Saudi Arabia.

Oil-producing countries met Sunday in Qatar to discuss a possible freeze of production to counter low global prices, but Iran's decision to stay home could dilute the impact of any agreement.

Saudi Arabia and Russia, the world’s two most powerful oil producers, have reached a tentative agreement to freeze oil production at its current levels.

Oil prices have been lower for longer than expected. Now, with OPEC's decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer.

A sharp drop in the price of oil on Monday rattled investors and helped push stocks lower across several industries.

The falling oil and gasoline prices that for months have coincided with strong U.S. hiring have helped most Americans.

OPEC nations decided Friday to keep producing oil at their current high levels, effectively acknowledging their inability to push up crude prices.

After billions invested over several years, Royal Dutch Shell said Sept. 28 it would end oil exploration offshore in Alaska after "disappointing" results.

The arrests follow a deadly suicide bomb attack Friday in Iraq that killed 100.

Hell's Gate is a much more interesting way of thinking about oil than price. But value depends on what is meant by “price.” Since most people will think of dollar value, and this is the current subject of interest, cheap oil deserves to be set in context.

Why it may be better for the economy if oil prices are high.

CARACAS, Venezuela—A high-profile Venezuelan opposition leader is calling for protests while President Nicolas Maduro travels abroad seeking help for the financially struggling country. Tensions have escalated in recent days as the socialist administration has deployed troops and implemented a rationing system to control lines at government-run supermarkets. Henrique Capriles, who nearly defeated Maduro in the […]

TEHRAN, Iran—Iran and Venezuela vowed Saturday to work together to stabilize falling global oil prices as Iran’s supreme leader accused “enemies” of using crude prices as a political weapon. With Venezuelan President Nicolas Maduro by his side, Iranian President Hassan Rouhani urged OPEC members to “neutralize schemes by some powers against OPEC and help stabilize an acceptable oil price […]

WASHINGTON—The United States is back, and ready to drive global growth in 2015. After long struggling to claw its way out of the Great Recession, the world’s biggest economy is on an extended win streak that is edging it closer to full health. But the new year doesn’t look quite so bright in other major […]

ALGIERS, Algeria—Algeria’s oil minister on Sunday called on OPEC to cut production and raise the price of oil, which has plunged dramatically in the last six months. The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a […]

NEW YORK—Another forecast of weak global demand, another nosedive for oil. A 6-month rout in the price of oil accelerated this week, culminating in a 4 percent drop Friday — its third such drop in 5 days — to its lowest level since May of 2009, when the U.S. was still in recession. Friday’s trigger […]

The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.

Plunging oil prices and soaring costs from Iraq's war against the Islamic State group is hurting Iraq's economy and will prompt government spending cuts, including in defense, the country's finance minister said Wednesday.