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 ?
The sultanate had agreed to cut its oil output by around 45,000 barrels per day to comply with an accord signed between OPEC and non-OPEC producers.
OPEC responded to consistent weakness in oil prices by establishing price bands to target for global markets.
Will OPEC extend its agreement to cut output beyond June when it meets on 25th May?
When OPEC published its 2014 outlook, it expected the average price of its crude oil in nominal terms would remain near $110/b for the rest of the decade.
I see a decline in non-OPEC production and I see an increase in the call on OPEC," he said.
After initially downplaying shale, OPEC is looking more closely at its impact.
Secondary sources now say that OPEC in April pumped 1.
Iran's Khatibi, who had suggested last week that OPEC could continue to produce at current levels as long as it was able to manage the market, said on Monday that two proposals would be up for discussion on Wednesday.
They also agree that dependence on oil from OPEC members will increase as non-OPEC oil resources dwindle and become more expensive to extract.
Today, OPEC has changed, despite all of the political tension that exists among some of its members; OPEC decisions are taken as a business management decision and everyone takes part in keeping oil prices at levels that satisfy everyone, while avoiding politics.
Earlier this month, Nozari said he did not expect a further reduction decision in Vienna after Iran had previously suggested OPEC could impose more curbs.
In Vienna, OPEC and the EU agreed to a workshop, in Brussels at the end of 2007 or early in 2008, on the oil refining sector, also looking at the effect of biofuels.