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.

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 ...

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 ...

LONDON/MOSCOW, March 12 (Reuters) - OPEC said on Wednesday that Kazakhstan led a sizeable jump in February crude output by the wider OPEC+, highlighting a challenge for the producer group in ...

LONDON, March 5 (Reuters) - OPEC oil output rose in February, a Reuters survey found, as Iranian exports held strong, despite renewed U.S. attempts to curb the flows, and Nigeria boosted output ...

At the announcement of the Brazilian government’s decision to join the group, Mines and Energy Minister Alexandre Silveira described OPEC as “a forum for discussing strategies among oil ...

The group includes the 12 members of OPEC, the longstanding group set up to coordinate oil production to stabilize markets, plus 10 more significant oil-producing nations with Russia by far the ...