OPEC (redirected from Organization of the Petroleum Exporting Countries)

OPEC: see Organization of Petroleum Exporting Countries.

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OPEC

 in full Organization of the Petroleum Exporting Countries

Multinational organization established in 1960 to coordinate the petroleum production and export policies of its members. Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela were the original members; they were joined by Qatar (1961), Indonesia and Libya (1962), Abu Dhabi (1967; membership transferred to the United Arab Emirates, 1974), Algeria (1967), Nigeria (1971), and Angola (2007). Ecuador (1973) and Gabon (1975) are no longer OPEC members. Policy decisions are taken by consensus at its Vienna headquarters. In 1973 OPEC began a series of oil price increases in retaliation for Western support of Israel in the 1973 Arab-Israeli war, and OPEC members' income greatly increased as a result. Internal dissent, the development of alternative energy sources in the West, and Western exploitation of oil sources in non-OPEC countries subsequently combined to reduce the organization's influence. OPEC countries supply about two-fifths of the world's oil consumption and possess about two-thirds of the world's proven oil reserves.

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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

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OPEC

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

See : Cooperation