In 1960, frustrated by Western control over the world’s oil industry, five of the world’s top oil-producing nations created the Organization of the Petroleum Exporting Countries, or OPEC.

What large conventional oilfields remain lie mostly in the lands of Middle Eastern, OPEC nations. At the same time, the world's demand for oil continues to grow every year, fueled in part by the ...

This gradual increase may be paused or reversed subject to market conditions', a statement posted on OPEC's site noted. Image by ClusterX via iStock A statement posted on OPEC’s website on ...