Global oil demand will peak by 2029 and begin to contract the following year while the U.S. and other non-OPEC countries add to supply, the International Energy Agency said on Wednesday, resulting in a major surplus this decade.

Discover how OPEC, the global oil cartel, influences oil prices and production in 2024. Learn about its member nations, history, challenges, and current strategies.

There are currently serious fears about a glut in the oil markets – too much oil. And an abundance of oil has the effect of pushing prices down.

OPEC's oil output rose further in October after an OPEC+ agreement to raise production, a Reuters survey found on Tuesday, though the scale of the increase slowed sharply from September and the summer months.

BRASILIA, Brazil (AP) — Brazil’s government on Tuesday approved joining OPEC+, a group of major oil-exporting nations, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit.

OPEC has received updated compensation plans from Russia, Iraq, UAE, Kazakhstan, and Oman. These plans detail how each nation will account for producing above their assigned quotas and cover the period from the previous month until June 2026.