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 ?
It provided a deep insight into the potential outcomes of the decisions taken by players, especially the OPEC cartel and non-OPEC producers.
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.
In Australia, domestic consumers are expected to pay the OPEC cartel crude oil-linked LNG Asian "netback" price, or they will not get the gas.
The OPEC cartel has been the key actor in world crude oil markets for four decades and counting.
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.
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.
While the OPEC cartel owns 78 percent of the world's reserves, it produces only one third of the world's oil--far less than its capacity permits.
In 2009, the average price of a barrel was 57 dollars for exports from Venezuela, which is the largest oil producer in South America and a member of the Opec cartel.
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.