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.
Crude production is set to continue expanding in the United States thanks to shale oil, with the country becoming a net oil exporter from 2021, Low production costs there have led to a boom in production. This should help the United States soon surpass Russia and challenge Saudi Arabia as the world's top exporter.
The price of Brent crude is seeing a recovery this morning, after a midweek battering that saw prices drop to their lowest level in 15 months. The market is grappling with surging supply from the world's top-three producers — the United States, Russia and Saudi Arabia — at a time when demand for oil is expected to grow less than previously thought.