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 ?
The conventional wisdom regarding the recent plunge in the price of oil is that we are seeing a repeat of the 1985-1986 collapse, when Saudi Arabia ramped up production as part of a dispute with other members of the OPEC cartel. This time, the thinking goes, Saudi Arabia is doing the same in response to its loss of market share to shale-oil production in the United States.
During the OPEC cartel years, game theory suitably explained what would happen if cartel participants cheated or what would be the outcome if some of the non-OPEC oil-producing countries cooperated.
World oil prices have collapsed by about 60 percent since June, with the strong US production exacerbating elevated output by the OPEC cartel.
Market prices for the benchmark Brent held above $48 on Tuesday after the Secretary General of the OPEC cartel said that crude prices may have bottomed.
TRIPOLI - A Libyan senior oil official who represents his company in the OPEC cartel is believed to have been abducted in the militia-held capital Tripoli, a company official said Tuesday.
At a meeting of the Opec cartel in November 2014 Saudi Arabia preferred to retain current oil output and ignored calls to respond to weak oil prices from smaller Opec members such as Venezuela.
The 12-nation Opec cartel, which accounts for a third of global oil output, will meet on November 27 in Vienna.
Let's not waste this opportunity to generate a lasting economic recovery with high paying value-added manufacturing jobs by failing to act to protect the nation from the OPEC cartel LNG pricing structures.
Take Russia for example, which is a big non-OPEC producer, in theory it can undermine the OPEC cartel, but it has managed to stay outside the organisation yet enjoying the benefits of its policies to control production and keep the prices high.
The Islamic republic, a member of the OPEC cartel, pumped 2.8 million barrels of crude in December, according to data from the US Energy Information Administration (EIA).
SINGAPORE -- Oil was up in Asia on Friday on market speculation the OPEC cartel would cut output ahead of a meeting next month to stop Brent crude prices - which remained below $100 a barrel - from falling further.