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An emerging alliance between former foes Iran and Iraq in OPEC is expected to undermine Saudi Arabia, long the oil cartel's dominant force, and other moderate Arab states which could threaten the 12-member oil producers' group and push up oil prices sharply.

The oil cartel, OPEC, has confirmed what has been obvious to many for months: U.S. shale production is in deep, deep trouble as the fracking boom bursts in the

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OPEC boosts oil price with output cut: The OPEC oil cartel defies expectations and nailed down its first joint output cut since 2008 after…

from the Guardian

Opec bid to kill off US shale sends oil price down to 2009 low

Oil falls by $2 a barrel with energy shares as Opec (our "Buddies' ") refusal to stop flooding the market with cheap oil & likely US rate hike sends Brent crude tumbling. Signs of disarray in the Opec oil cartel prompted fears of a global glut of oil, wiping $2 off the price of a barrel of crude on Monday and leading to speculation that energy costs could continue tumbling over the coming weeks. (Photo - Oil rigs in western North Dakota, US)

Cracks are surfacing within the world’s largest oil cartel as the 12-nation group considers supporting the oil price of letting it fall even further.

from Telegraph.co.uk

Opec faces a mortal threat from electric cars

The oil cartel is living in a time-warp, seemingly unaware that global energy politics have changed forever

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the founding members of the OPEC oil cartel. OPEC was formed by oil producing nations to counter the domination of the oil industry by first world nations.

from news.yahoo.com

OPEC chief says oil cartel 'not ready' to cut production

A global oversupply in crude oil caused prices to drop recently to their lowest levels in months

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from CNNMoney

Oil prices skyrocket as OPEC confirms deal to cut production

OPEC has been trying to freeze oil production for a year in hopes of boosting prices. The price of crude oil has jumped 8% since Wednesday to $48.90 per barrel.