The world will need as much as 19.5 million barrels per day (bpd) of new refining capacity by 2050 to meet rising global oil demand, OPEC said in its 2025 World Oil Outlook (WOO) with forecasts ...

Eight producers, led by Saudi Arabia, will continue boosting production despite forecasts that supply will soon exceed demand. By Stanley Reed Eight countries that belong to the oil cartel known as ...

Gas prices have fallen below $3 a gallon for the first time since President Donald Trump returned to the White House in ...

OPEC and its allies agreed to a modest 137,000-barrel-per-day output increase for November, mirroring October’s move. The ...

For the past several weeks and even several months, oil prices have held fairly steady, remaining in the mid-$60 per barrel ...

OPEC increased its global oil demand growth estimate for 2026 to 1.38 million barrels per day, citing stronger economic performance in key regions. The cartel also revised down its forecast for ...

The increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices. By Stanley Reed Reporting from ...

Key OPEC+ nations added less oil to the market last month than the headline figure of its output plan, as the cartel’s leadership pushed members to atone for earlier over-production. The eight members ...

Nigeria is preparing to advocate for an increased oil production quota at the upcoming Organisation of Petroleum Exporting ...

The major crude-oil producers known as OPEC+ are expected to agree to another monthly hike in oil-output quotas at a meeting this week — despite expectations for a global supply surplus this year and ...

The Organization of the Petroleum Exporting Countries and its allies agreed to raise oil output further next month, despite broader concerns about a looming supply glut. After an online meeting Sunday ...

Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President, sources ...