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 ?
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.
The 12-nation Opec cartel, which accounts for a third of global oil output, will meet on November 27 in Vienna.
Some of the smaller members of the OPEC cartel are likely to have been caught on the hop by dominant Saudi Arabia's recent unilateral move to cut prices to the US.
natural gas market, due to high OPEC cartel crude oil-linked LNG prices, driving export demand.
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 game here is for control of the OPEC cartel," said Simon Henderson at the Washington Institute for near East Policy.
The Islamic republic, a member of the OPEC cartel, pumped 2.
I know its not easy to make such a statement considering the existence of the OPEC cartel and in the presence of an important power such as Russia, but the situation is as such.
Tripoli was expecting to return to pre-crisis levels by the end of 2012, but the head of the OPEC cartel, Abdullah El-Badri, said Wednesday he expects this goal will be reached by mid-2012.
The IEA said the move was about helping ease a real oil shortage not prices, but it comes just weeks after the OPEC cartel failed to agree an increase in production to help ease the rising oil price.
The representative of the US government, Thomas Anders, said in 1974 that the IEA would destroy "the OPEC cartel.
Now the Gulf kingdom, previously a vigilant enforcer of the cuts by the OPEC cartel that checked the sharp fall in oil prices last year, appears to be expanding its own oil flow again in exasperation.