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Qatar will officially exit OPEC on Jan. 1, the country's energy minister, Saad al-Kaabi, said at a news conference in Doha on Monday. Eric Knecht/Reuters hide caption

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Eric Knecht/Reuters

Qatar Will Pull Out Of OPEC, As Rift With Saudi Arabia Deepens

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Saudi Arabia's King Salman and Russian President Vladimir Putin pose for a photo during a welcoming ceremony at the Kremlin in October 2017. Last year, Saudi Arabia and Russia were the world's second- and third-largest oil producers, respectively. Alexei Nikolsky/AP hide caption

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Alexei Nikolsky/AP

Pumpjacks in North Dakota's Bakken oil patch extract oil from deep underground. Oil production has grown nationally in recent months to 9.3 million barrels of oil per day. Amy Sisk/Prairie Public Broadcasting hide caption

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Amy Sisk/Prairie Public Broadcasting

Boom Time Again For U.S. Oil Industry, Thanks To OPEC

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Mohamed Hamel (from left), the chairman of the OPEC Board of Governors; Mohammed Bin Saleh al-Sada, president of the OPEC conference; and OPEC Secretary General Mohammed Barkindo at a meeting of OPEC in Vienna on Wednesday. Herbert Neubauer/AFP/Getty Images hide caption

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Herbert Neubauer/AFP/Getty Images

Kuwaiti Minister of Finance and Minister of Oil Anas al-Saleh arrives for the organization of Petroleum Exporting Countries (OPEC) meeting in the Qatari capital Doha, on Sunday. The group tried, and failed, to come to an agreement to freeze oil production to January levels. Karim Jaafar/AFP/Getty Images hide caption

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Karim Jaafar/AFP/Getty Images

Brazilian President Dilma Rousseff (from left), Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma pose for a photo during the BRICS Summit in Ufa, Russia, in July. RIA Novosti via AP hide caption

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RIA Novosti via AP

Highflying 'Emerging Markets' Had Their Wings Clipped In 2015

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Cars drive past a banner of Saudi Arabia's King Salman that reads, "Salman, we hear and obey," near Mecca on Sept. 17. A drop in oil revenue is forcing Saudi Arabia to consider cuts to social programs. The Saudis have declined to cut production, a move that would likely drive up prices, but could also cost the country its current share of the world oil market. Mosa'ab Elshamy/AP hide caption

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Mosa'ab Elshamy/AP

As Saudi Arabia Battles Its Oil Rivals, Prices Are Expected To Stay Low

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Venezuelan President Nicolas Maduro is welcomed by Saudi Crown Prince Salman in Riyadh on Sunday. The meeting was part of Maduro's diplomatic tour of OPEC members to discuss falling oil prices, which have hit Venezuela's economy hard. Reuters /Landov hide caption

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Reuters /Landov

Drop In Oil Prices Is Being Felt By U.S. Drillers, Oil Field Firms

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The lowest gas prices in years are seen Wednesday on a fuel sign in Lawrence, Kan. A day later, OPEC decided to maintain current production levels, virtually ensuring continued low prices at the pump. Orlin Wagner/AP hide caption

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Orlin Wagner/AP