October, 1973: The six-month Arab oil embargo pitted OPEC’s Arab members against the U.S. and Israel in a politically-motivated suspension of exports that pushed prices above $12 a barrel.

In 2021, OPEC estimated that 80% of the world’s proven crude oil reserves were located in member countries, which thus stand to benefit from higher prices. This dynamic has led many economists ...

Additionally, Russia, which is not a member of OPEC but is one of the world's major oil producers, will also join the cut, according to Reuters. This is the first time since 2001 the country has ...