Before the Organization of Petroleum Exporting Countries (OPEC) was established in 1960, international oil companies with concessions in the Middle Eastern oil countries controlled crude-oil prices and thus the amounts paid to the oil-producing...

Established in 1960 by Iran, Iraq, Kuwait, and Venezuela, the Organization of Petroleum Exporting Countries (OPEC) was created to control the price of oil by controlling the volume of production. Modeled on the Texas Railroad Commission in the United...

Oil prices fell Monday amid news of the release of an American oil worker kidnapped in Nigeria.Worries of escalating unrest in Africa's largest crude producer had pushed oil futures up more than $1 a barrel on Friday.Light, sweet crude for March delivery lost 28 cents...

Discusses the monopoly of petroleum by the Organization Of Petroleum Exporting Countries (OPEC), particularly how it controls the price of petrol, threats to its monopoly and the social costs involved.

OPEC should not be blamed for the rising price of oil. Several other factors are involved in determining the cost of crude oil.

OPEC decides to cut its supply by 1 million barrels per day, the possible effects of such a cut would be devastating.