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.
US oil output is soaring, up more than 10-percent since the middle of last year. Increased US production is adding to a global oversupply that is weighing on prices and raising fears of a downward price spiral. Oil prices have dropped significantly in recent weeks, with a barrel of Brent crude dipping to as low as 46-and-a-half US dollars.