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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...

    The coalition has tried to boost oil prices by holding back output. ... based on IEA data. BofA has estimated that non-OPEC countries will account for around 70% of market share in the first ...

  3. OPEC says oil demand strong despite 'overblown negative ... - AOL

    www.aol.com/finance/opec-says-oil-demand-strong...

    OPEC analysts note the latest data shows Chinese crude imports increasing to 11.4 million barrels per day in October, on track to reach a new annual record high for this year. The oil cartel ...

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

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

    Among the beneficiaries of the current state of the oil market are U.S. motorists, who have seen gasoline prices fall to their lowest in 2 1/2 years to near $3 a gallon.

  5. Price of oil - Wikipedia

    en.wikipedia.org/wiki/Price_of_oil

    Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...

  6. OPEC Reference Basket - Wikipedia

    en.wikipedia.org/wiki/OPEC_Reference_Basket

    The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.

  7. 2023–2025 world oil market chronology - Wikipedia

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

    Oil rose for the first week of 2024 due to the Israel-Hamas War threatening to become a larger conflict, and positive U.S. economic news. Brent finished at $78.76 and WTI at $73.81. [49] Continuing Houthi attacks disrupted oil trading and increased costs, driving up oil prices. Brent finished January at $80.55 and WTI at $75.85. [50]

  8. OPEC+ extends oil output cuts into 2025 - AOL

    www.aol.com/opec-extends-oil-output-cuts...

    The price of Brent crude, the global oil benchmark, ticked up 0.1% to trade at $81 a barrel by 4.30 a.m. ET on Monday.

  9. OPEC - Wikipedia

    en.wikipedia.org/wiki/OPEC

    In response to a wave of oil nationalizations and the high prices of the 1970s, industrial nations took steps to reduce their dependence on OPEC oil, especially after prices reached new peaks approaching US$40/bbl in 1979–1980 [79] [80] when the Iranian Revolution and Iran–Iraq War disrupted regional stability and oil supplies.