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.
Oil has plunged by a fifth since the start of the year to 45 dollars a barrel - that's the worst performance for the first six months of the year since 1997. Experts are saying the prices can dip even lower - despite the best efforts of the world's major oil producers to prop up oil prices by curbing production.
Saudi Energy Minister Khalid A. Al-Falih talks of a "9-month straight" extension, in spite of the effects of US shale production. Crude prices had slipped briefly as markets saw even deeper cuts were not on the OPEC agenda. They stabilised quickly, but the impact of a mere extension could be short-lived.
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.