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]
Allusions—Cultural, Literary, Biblical, and Historical: A Thematic Dictionary. Copyright 2008 The Gale Group, Inc. All rights reserved.

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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
Summary: London [UK], Oct 11 (ANI/Sputnik): The Organization of the Petroleum Exporting Countries (OPEC) downgraded its global oil demand estimate due to changes in economy forecasts for Turkey, Brazil, Argentina, a report by the OPEC showed Thursday.
Stocks in February were 44 million barrels above that level, Opec said, the closest the group has come to the target.
In November 2017, OPEC and non-OPEC oil producing countries agreed to extend production cuts to the end of 2018 to support oil prices.
''The decisions we made were historic and mark the first time in the history of the industry that 24 Opec and non-Opec producers have joined forces to help contribute to improving oil market stability.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.
The decision follows a similar move by OPEC members on July 1.
Both the charter and the cuts should be finalized in a meeting later Tuesday between OPEC and OPEC+ representatives.
The moves indicate that the powerful Gulf oil producers block wants to keep the existing output cut by Opec unchanged for the second half of the year.
It is also a well-known fact that OPEC plays no role in the global market for natural gas and another organisation - the Gas Exporting Countries Forum (GECF) - already exists.
He also stated that the UAE has been a proud member of Opec for over 50 years, and that by working with likeminded partners, both within and outside of the Opec organisation, the goal of a more stable, less volatile oil market can be pursued.
On Monday, Qatar announced its decision to withdraw from OPEC on January 1, 2019, in order to concentrate on boosting its liquefied natural gas production.