Sunday, December 21, 2014 5:01 AM EST

OPEC

The Organization of the Petroleum Exporting Countries is a cartel  of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its Member Countries. Indonesia withdrew in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter in the world again.

Headlines Around the Web

OPEC shadow boxes ahead of next oil supply curb

Dec 05, 2013 - Financial Post

Iran threatens to trigger oil price war

Dec 04, 2013 - Financial Times

How China took control of Ecuador’s oil

Nov 27, 2013 - Financial Post

Wary OPEC comes to terms with shale gale

Nov 08, 2013 - Financial Post

Articles About OPEC

An oil field is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply.
Oil Prices May Be Dragging Global Stock Markets Down

By IBTimes AU

Very high oil prices may be bad for the global economy, but too low prices of the commodity may also negatively impact markets. (Dec 17)

MORE TOPICS: FTSE, AUSTRALIA, RUSSIA, INVESTMENT

Saudi Arabian Oil Minister Ali al-Naimi gestures as he arrives at his hotel ahead of an OPEC meeting
Oil Prices Go ‘Up And Down, Up And Down’ Says Saudi Oil Minister Amid Concerns

By IBTimes AU

The drop in oil prices in the past few months has raised concerns about the consequence of prolonged low prices of the commodity. (Dec 15)

MORE TOPICS: CHINA, UNITED ARAB EMIRATES, CLIMATE CHANGE

An oil field is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply.
More Pain For Russia As OPEC Cuts Forecast For Demand And Oil Prices Slide

By IBTimes AU

Russian economy is battling problems on multiple fronts that range from falling oil prices to depreciating currency. (Dec 12)

MORE TOPICS: CHINA, EUROPEAN UNION, GDP, RUSSIA

New York Stock Exchange
Australian Stock Market Report – Midday December 11, 2014

By Comsec

Australian shares are falling for the third straight with the ASX 200 Index down 0.6 per cent. The creation of close to three times as many jobs last month however is helping reduce the losses. At its worst levels, the local market was down by 1.35 per cent today. (Dec 11)

MORE TOPICS: UNEMPLOYMENT, TWITTER, FACEBOOK, TELSTRA

A customer prepares to fill the tank of her car at a fuel station
Australian Investor Confidence May Be Impacted By Lower Oil Prices--Report

By IBTimes AU

The falling oil prices are having a negative impact on not only the oil producing countries but also Australia. (Dec 10)

MORE TOPICS: CRUDE OIL, AUSTRALIA

An oil field is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply.
Oil Prices May Fall Further As Gulf Countries Feel The Pain

By IBTimes AU

Both oil producing countries and the oil importing countries keep a close eye on the commodity’s price. (Dec 09)

MORE TOPICS: MORGAN STANLEY, RUSSIA, UNITED ARAB EMIRATES

Customers visit a shop with a sale advertisement displayed on its window in St. Petersburg
Russia’s Tumbling Currency Affecting Other Countries In The Region --Report

By IBTimes AU

The Russian currency, Ruble, has been falling for the past few months and is negatively affecting the country’s economy. (Dec 08)

MORE TOPICS: CHINA, CRUDE OIL, RUSSIA, UKRAINE

A worker walks at the Nahr Bin Umar field, north of Basra, southeast of Baghdad, November 16, 2014. OPEC producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday. Picture take
Australian Stock Market Report – Midday December 5, 2014

By Comsec

A flat start for local shares on Friday has given way to broad selling for the ASX 200. At the best levels of the session the AS 200 was ahead by almost 21 points. However at lunchtime the market was around session lows with a loss of 26 points or 0. (Dec 05)

MORE TOPICS: CHINA, CRUDE OIL, TWITTER, FACEBOOK, COURT, AUSTRALIA

A man changes the price for a gallon of gasoline at a gas station
Oil Price Drop To 50 Dollars May Already Be A Reality

By IBTimes AU

Falling oil prices will have a major impact on the global economy with some countries benefitting while others struggle. (Dec 05)

MORE TOPICS: WTO, CRUDE OIL, AUSTRALIA, RETAIL

President of the European Commission Jose Manuel Barroso (R) and Australian opposition leader Tony Abbott
Australia In ‘Income Recession’ While Russia Struggles To Ward Off Recession In 2015

By IBTimes AU

Falling oil prices and slowing down of growth has got many investors concerned about a global recession hitting the markets. (Dec 04)

MORE TOPICS: EUROPEAN UNION, GDP, AUSTRALIA, RUSSIA, DMITRY MEDVEDEV, UKRAINE