OPEC and Russia will pump more oil in January despite price plunge

The agreement was reached Thursday at a meeting of the Although weaker crude prices may have OPEC and Russia on the back foot for now, their influence over the oil market is only set to increase longer term as their share of global production rises. According to estimates from the International Energy Agency, OPEC and Russia could account for 58% of global oil supply by 2050, up from 46.5% last year, as other countries — including the United States — invest less in exploration and production as shareholders demand greater financial discipline. Pressure from investors is also growing to reduce carbon emissions and tackle the climate crisis.— Julia Horowitz and Chris Liakos contributed to this article.