OPEC can roll out production cuts among its members to control oil’s global supply and price

In 2016 OPEC and 10 major producers—including Russia—launched OPEC+

OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.

OPEC often intervenes to influence the price of oil

This guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price.

OPEC’s 1973 embargo sparked the first global energy shock

In October 1973, Arab OAPEC countries stopped or significantly reduced oil exports to nations backing Israel during the Yom Kippur War. Crude prices nearly quadrupled, sparking global shortages, economic recession, rationing, and major energy policy reforms.

Explore OPEC’s official webpage

OPEC’s official website offers a comprehensive hub for its core work—featuring press releases, monthly and statistical reports, digital publications like the World Oil Outlook and Annual Statistical Bulletin, and other research center materials.

OPEC has grown from five to 12 members since 1960

OPEC’s official members page features profiles for all 12 current member countries—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, and Venezuela—detailing their joining history, national data, and links to individual country pages.

Oil prices have been volatile for decades

This explainer shows oil’s rollercoaster: OPEC-led embargoes in the 1970s, shale surges in the 2000s, and the US flip to becoming a net oil exporter in 2020.

Spare capacity is the amount of oil production that can be brought online within 30 days and sustained for at least 90 days

Specifically, a country’s “spare capacity” signifies the difference between its maximum sustainable oil production and its current output. OPEC member countries hold nearly all of the world’s spare oil production capacity. Historically speaking, Saudi Arabia has been the country with the largest spare capacity.

Oil markets are seeing higher costs and lower prices amid tech breakthroughs

Experts say oil demand has not yet reached its peak. Recent technological breakthroughs in the oil industry include advances in drilling and extraction, as well as subsurface technologies.

The Seven Sisters were a dominant midcentury Western oil consortium

Amid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil.

A centrally planned economy is one where the government—not markets—sets production

This Investopedia article explains how command economies work, which countries have used them, and why even market-based nations like the US sometimes adopt tools such as rationing or price controls during wartime or national emergencies.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Opera faces many economic problems today

Opera is a notably expensive art form, and therefore currently struggling to survive economically. Pandemic losses, reduced government funding, and dwindling ticket sales all pose a threat to its continuation. According to a recent survey, about half of the UK wouldn't feel impacted if all opera houses were shut down.

Over-the-counter markets are used to bypass traditional exchanges while trading

Commodities are regularly traded via OTC markets so that buyers and sellers can bypass central exchanges and negotiate terms more directly. Before the advent of formal exchanges, most assets were traded OTC.

During COVID-19, the Fed made drastic moves in attempts to shore up the US economy called quantitative easing

The Fed took an aggressive approach to help the US economy during COVID-19 beyond standard monetary levers, including broad purchases of mortgage-backed securities, Treasury securities, and more.

The WTO is the global body that sets and enforces the rules of international trade

Founded in 1995, with 164 member countries, the WTO negotiates trade agreements, resolves disputes between nations, and aims to reduce barriers to international commerce.

View how cleanup crews respond to oil spills to minimize lasting damage

Oil floating on the surface can be pushed into booms with water hoses to contain the spill before being suctioned by vacuums, set on fire, or picked up by absorbent materials. In some environments, chemical cleaners can be used to disperse oil into smaller droplets that can dilute in the water, evaporate in the sunlight, or be consumed by oil-eating microbes.

Ramadan tends to reduce Gulf productivity, but increases reported happiness

Economists have documented a measurable dip in productivity and output in Muslim-majority countries during Ramadan. But surveys consistently show the opposite on subjective well-being, with people reporting they feel better and more connected.

Drug trafficking in the MENA

The Middle East and North Africa is a major source, transit point, and consumer of illicit drugs. Despite having some of the harshest penalties for drug-related crimes, the region both influences and is negatively impacted by illicit substance abuse...

Carbon markets incentivize companies to cut emissions but require high carbon prices

To reduce greenhouse gas emissions, a cap-and-trade system issues a limited number of emissions permits—carbon credits—that decrease each year, cutting into a company's profits if it does not reduce emissions and must buy permits from others. However, cheap permits and minimal fines for lacking permits have reduced the system's effectiveness.

Private equity deals sometimes come with layoffs

To increase profits, private equity firms often try to streamline and consolidate operations within the companies they acquire as much as possible. They also often alter company business models, expanding into new product offerings and markets that could necessitate team changes.

Mapping projected food inflation across the world in 2026

Iran tops the list of hardest-hit countries with a projected 56% inflation on food prices in 2026, followed by Argentina (33%) and Turkey (25%). In the opposite direction is Niger, whose food inflation is expected to drop 18% as a result of strong harvests and financial stabilization. The global average of food inflation is expected to be 3%.

Watch how plastic products are molded from pellets that began as crude oil

Polyethylene and other plastics are formed by combining ethylene and propylene, which are produced through refining crude oil. These plastics are broken down into pellets called nurdles, or mermaid tears, which are melted and molded to manufacture countless products.

Opioids mimic naturally produced endorphins to dull pain

Once in the body, opioids bind to naturally occurring opioid receptors typically used by endorphins to temper pain. They trigger the release of dopamine, a desire-related hormone, and decrease noradrenaline, a neurotransmitter involved in heart and breathing rate regulation, meaning high doses can slow these processes to dangerous levels.

Modern examples of oligopolies include the airline industry

An oligopoly is a market structure dominated by a few key suppliers. In the US, as of 2021, just four airlines (Delta, United, Southwest, and American) controlled nearly two-thirds of all domestic flights, making the US airline industry one example of an oligopoly.

Iran's Revolutionary Guard Corps became one of the most powerful forces in the Middle East

Created after the 1979 revolution to protect the new Islamic Republic, the IRGC grew into a force that controls Iran's ballistic missile arsenal, funds, and arms regional proxy groups such as Hezbollah and Hamas, and answers directly to the supreme leader.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by more than 1.5 million Muslims each year.

Three Ebola species are responsible for most large outbreaks of the disease, yet the only approved Ebola vaccine is known to work against just one of them.

Some renewable energy sources may weaken the resiliency of electric grids by removing outage buffers provided by coal- and natural gas-fired plants, which provide the system with more time to find a new power source if a plant goes down.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

American short story writer Flannery O'Connor raised 40 peacocks, which became potent symbols for her fiction's elegant violence

As of 2025, the most cited papers in science include a review of graphene, methods to improve image recognition, streamlining electron density calculations, and optimizing protein studies.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Use this tool to calculate the dollar value of your parental mental load, from meal planning to coordinating after-school care, then see resources that help generate solutions.

Scientists can determine Earth's past climate conditions by analyzing air trapped in microscopic bubbles within ice cores—columns of compressed snow layers that build up over hundreds of thousands of years.

While El Niño moves warm Pacific Ocean waters east along the equator, La Niña moves them west, shifting where rainfall will become more common for months.

Children are now three times more likely to say they want to be a YouTuber when they grow up than an astronaut, with some even attending 'YouTube camps' that teach kids how to create content for the platform.