Why oil prices are falling, and what it means for the economy

Here's a breakdown of the forces that are buffeting oil prices and what it means for individuals and the economy. The oil cartel OPEC and its allies, collectively known as OPEC+, have made a series of announcements over the last few months, each increasing the group's oil production. Before the most recent OPEC+ gathering, analysts at Clearview Energy Partners predicted in a note that Saudi Arabia, the de facto leader of OPEC+, could urge the group to increase production and bring down prices "in an effort to pressure OPEC+ member countries including Iraq and Kazakhstan to comply with quotas."

Author: Camila Domonoske

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