The dominance of OPEC in the global oil market is gradually weakening, and the current supply disruption linked to the Strait of Hormuz could take up to six to nine months to normalise, said June Goh,

The group of oil-producing countries supplied more than 25 percent of the world’s oil before the war in Iran. Its members have influenced energy markets through the years.

Why is UAE leaving OPEC, will Iraq or Kuwait leave next? Nearly 3.5 million barrels per day are now at stake. The Organization of the Petroleum Exporting Countries faces a rare rupture as the UAE leaving OPEC becomes official from May 1,

HOUSTON (Reuters) - The oil industry's biggest names gather this week at CERAWeek, the largest energy industry get-together in the Americas, at a time when U.S. shale production is booming, global demand is rising and crude prices are at a sweet spot for ...