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.

In a monthly report, OPEC said it expects 2024 global oil demand to rise by 1.61 million barrels per day (bpd), down from 1.82 million bpd last month. OPEC also cut its 2025 growth estimate to 1. ...

September 27, 2016. Oil prices rose modestly ahead of a meeting of producers from the Organization of the Petroleum Exporting Countries (OPEC) cartel and Russia in Algeria on September 28 that ...

At the core of this group are the 13 members of Opec (Organization of the Petroleum Exporting Countries), which are mainly Middle Eastern and African nations. Opec was formed in 1960 as a cartel ...

OPEC's position in the oil market is slipping, and next year's massive supply glut will likely further loosen the cartel's grip. According to the International Energy Agency, OPEC+ faces a sizable ...

LONDON (Reuters) -OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China's ...