The Nigerian oil minister told the Financial Times on Monday that the OPEC oil cartel is considering ... Read next BI Tech Memo An icon in the shape of an angle pointing down.

Low-cost OPEC producers then respond by increasing production where they can. Read next BI Tech Memo An icon in the shape of an angle pointing down.

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.

Opec's oil production is unlikely to change much in 2015 and there is no need to panic at the crude price drop, Opec's secretary general has said, adding to indications the exporter group is in no ...