OPEC


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OPEC:

see Organization of Petroleum Exporting CountriesOrganization of Petroleum Exporting Countries
(OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations.
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OPEC

cartel of nations whose economic livelihood depends upon the export of petroleum. [World Hist.: WB, 14: 646]

OPEC

Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Ecuador and Gabon were members but withdrew in 1992 and 1995 respectively
www.opec.org
References in periodicals archive ?
I see a decline in non-OPEC production and I see an increase in the call on OPEC," he said.
We have to wait a little to see why a political will is affecting OPEC," he said.
In September, OPEC pumped more oil than it had during the previous 13 months, and until now has not been adhering to its own quota of 30 million barrels a day," Eberhart said, adding that OPEC's battle with shale was heating up.
OPEC still faces problems within its own ranks particularly from Libya, Iraq and Iran.
After initially downplaying shale, OPEC is looking more closely at its impact.
OPEC in December set its official supply target at 30m b/d, settling an argument which broke out in 2011 after Iran and other members opposed a Saudi-proposed plan to raise the production ceiling.
Output levels directly reported by OPEC members rose even more in April.
According to him, OPEC production would increase to 31 million b/d in the first half of next year because of rising output from Libya and Iraq.
The supply boost has lifted OPEC output to more than 30 million barrels per day in July, its highest this year, according to OPEC estimates published on Tuesday, offsetting the loss of Libyan oil due to the conflict there.
At their next meeting, OPEC ministers switched from Market Share to Price Defence.
The Kingdom is a founding member of OPEC coupled with the fact that it boasts the largest petroleum reserve and the greatest production capacity and the largest oil reserve in the world.
But, after forecasting world demand and non-OPEC supply, these models simply assume that OPEC will supply the rest - without taking into account OPEC behavior or considering that OPEC members might not be willing or able to meet the "residual" demand.