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  2. Why OPEC's grip on oil markets will continue to weaken in 2025

    www.aol.com/why-opecs-grip-oil-markets-193512699...

    Brent crude, the international benchmark, is down over 19% since peaking in the spring. Oversupply would rise to 1.4 million barrels per day in 2025 if OPEC+ follows through on plans to unwind ...

  3. Key members of OPEC+ alliance are putting off production ...

    www.aol.com/opec-oil-alliance-faces-stagnant...

    Crude oil makes up about half the price of a gallon of gasoline, making crude the key factor on top of distribution costs and taxes. Motorists in Europe see far smaller fluctuations because taxes ...

  4. Oil prices have been falling for seven weeks straight. Here’s why

    www.aol.com/oil-prices-falling-seven-weeks...

    In the near term, as far as the demand for crude oil markets, it’s been a little different. Last month imports fell by about 10% from the month prior, and there’s been a year-over-year drop of ...

  5. Global energy crisis (2021–2023) - Wikipedia

    en.wikipedia.org/wiki/Global_energy_crisis_(2021...

    In 2020, it was the third largest oil producer in the world, behind the United States and Saudi Arabia, with 60% of its oil exports going to Europe. [17] [18] Russia is traditionally the world's second-largest producer of natural gas, behind the United States, and has the world's largest gas reserves and is the world's largest gas exporter. In ...

  6. Fossil fuel phase-out - Wikipedia

    en.wikipedia.org/wiki/Fossil_fuel_phase-out

    While crude oil and natural gas are also being phased out in chemical processes (e.g. production of new building blocks for plastics) as the circular economy and biobased economy (e.g. bioplastics) are being developed [16] to reduce plastic pollution, the fossil fuel phase out specifically aims to end the burning of fossil fuels and the consequent production of greenhouse gases.

  7. 2023–2025 world oil market chronology - Wikipedia

    en.wikipedia.org/wiki/2023–2025_world_oil...

    A lower oil rig count and the Russian cap also contributed, though U.S. crude inventories were the highest since June 2021. [2] For the week ending February 3, oil fell nearly 8 percent, with Brent at one point reaching $79.72, lowest since January 11, and WTI reaching $73.13, lowest since January 5.

  8. The US and other crude producers will take more oil market ...

    www.aol.com/us-other-crude-producers-more...

    The organization, led by Saudi Arabia, has voluntarily reduced oil output since mid-2023 in a bid to boost prices. Despite their efforts, Brent crude, the international benchmark, is down over 12% ...

  9. Why oil prices have cratered to their lowest level in nearly ...

    www.aol.com/why-oil-prices-cratered-lowest...

    Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.