Cedric Chehab, Chief Economist at BMI, discusses his outlook on oil prices, forecasting Brent will average $68 per barrel ...

In its statement, OPEC acknowledged oil prices continued to improve. "Economic recovery continued in most parts of the world with the help of accelerating vaccination programs," the cartel said.

Oil prices hit a seven-year high as OPEC and its allies stick with a modest increase. OPEC Plus signed off on increasing production by 400,000 barrels a day next month, under a deal reached in July.

Oil giants are reporting lower profits. But on Saturday, eight countries that belong to the oil cartel known as OPEC Plus said they would add about 411,000 barrels of oil a day in June.

Oil may resume its rally in 2023 as Chinese demand recovers, OPEC country officials told Reuters, with a growing number seeing a possible return to $100 a barrel.

Despite the rise of renewables, OPEC’s view is that oil will continue to play a critical role in meeting the world’s energy needs for the foreseeable future. By Julianne Geiger for Oilprice.com ...

Oil cartel OPEC and its allies are cutting production. And that means oil prices are likely going up. The OPEC+ alliance says they're trying to support prices against future sagging demand from an ...

We’re going to need oil and natural gas for the foreseeable future, but we don’t have to be dependent on OPEC. The oil cartel has imposed a “tax” on the world for long enough.

OPEC raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change. Oil consumption will climb ...

OPEC output rises 180,000 bpd from Sept. - survey Iranian production hits new 2018 high of 3.17 million bpd Quota-bound members undershoot implied target by 560,000 bpd Output by country ...

Beyond oil production, OPEC commands a dominant share of the world’s proved crude oil reserves. OPEC countries possess 70% of the world’s proved reserves, and Russia has another 6%.

OPEC and its Russia-led oil-producing allies agreed to unleash millions of barrels of bottled-up crude over the next two years, committing to restore all the cuts they made at the start of the ...