OPEC is an intergovernmental organization, set up to coordinate the policies of oil-producing countries.
OPEC was founded in 1960, and has grown to include Iraq, Kuwait, Iran, Saudi Arabia, Venezuela, Libya, the United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC has its headquarters are in Vienna, Austria. Saudi Arabia is by far its most prolific producer of black gold. This page collates recent DW content pertaining to OPEC.
Today in Vienna, OPEC wants to determine who should produce less oil, to raise the price of crude again. The oil exporting countries have been suffering since 2014. Crude oil prices used to stand at more than $100 a barrel, now they are at just half of that.
Putin has ruffled a few feathers with his latest announcement. On Monday, he said that Russia would follow the OPEC countries in curbing oil production, which caused a surge in the price. Russia’s Energy Minister has expressed his opposition. The International Energy Agency (IEA) remains skeptical, and doesn’t expect to see further price increases until next year.