# Who really influences the price of oil?

> The BBC explains the influence of OPEC on oil prices as its members meet in Vienna. OPEC accounts for more than 40% of global crude output, and Russia and the US are key non-OPEC players. The group aims to stabilise or raise prices by managing its production.

- Date: 2018-12-07 · published 2018-12-07T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/61732-who-really-influences-the-price-of-oil
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Background on OPEC's production leverage helps buyers understand that supply cuts can lift crude and energy-linked costs, though the impact depends on non-OPEC output such as US shale.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-04-29 | [In five charts: How UAE's exit could affect Opec's influence over the oil price](https://feedsoft.ai/events/19884-in-five-charts-how-uae-s-exit-could-affect-opec-s-influence-over-the-oil-price.md) | -1.9% | -16.4% |
| BRENT | 2025-06-24 | [What influences crude oil more? US bombs or Iran's silent allies](https://feedsoft.ai/events/9610-what-influences-crude-oil-more-us-bombs-or-iran-s-silent-allies.md) | -6.9% | -3.2% |
| BRENT | 2026-04-06 | [OPEC+ to hike crude output: Will it make a difference to oil prices? \| Euronews](https://feedsoft.ai/events/19611-opec-to-hike-crude-output-will-it-make-a-difference-to-oil-prices-euronews.md) | -9.7% | -4.1% |
| BRENT | 2019-05-19 | [Why Oil Is Still Underpriced \| OilPrice.com](https://feedsoft.ai/events/7397-why-oil-is-still-underpriced-oilprice-com.md) | -6.5% | -15.5% |
| BRENT | 2025-10-28 | [The Commodities Feed: Sanction concerns boost diesel prices \| ING THINK](https://feedsoft.ai/events/22596-the-commodities-feed-sanction-concerns-boost-diesel-prices-ing-think.md) | -0.4% | -2.2% |
| WTI | 2026-04-29 | [In five charts: How UAE's exit could affect Opec's influence over the oil price](https://feedsoft.ai/events/19884-in-five-charts-how-uae-s-exit-could-affect-opec-s-influence-over-the-oil-price.md) | +2.2% | -10.9% |
| WTI | 2025-12-03 | [Vegetable oil prices rose slightly after falling in the previous week](https://feedsoft.ai/events/11261-vegetable-oil-prices-rose-slightly-after-falling-in-the-previous-week.md) | -0.7% | -2.5% |
| WTI | 2025-06-24 | [What influences crude oil more? US bombs or Iran's silent allies](https://feedsoft.ai/events/9610-what-influences-crude-oil-more-us-bombs-or-iran-s-silent-allies.md) | -4.6% | -1.6% |

## Sources

- bbc.com: https://www.bbc.com/news/world-46468678

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.