Organization of Petroleum Exporting Countries


Also found in: Dictionary, Thesaurus, Financial.

Organization of Petroleum Exporting Countries

(OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations. Its Board of Governors and board chairperson are elected by member nations; OPEC's headquarters are in Vienna, Austria. Members, most of which joined by 1975, now consist of Algeria, Angola (joined 2007), Equatorial Guinea (joined 2017), Gabon (withdrew 1995–2016), Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. Former members include Indonesia, which has twice suspended (2009–16, 2016–) its participation, Ecuador, which also has twice suspended (1992–2007, 2020–) its participation, and Qatar, which withdrew in 2019. Saudi Arabia has traditionally dominated the organization, owing to its enormous oil reserves; the organization's members produce about 40% of the world's crude oil.

In 1973, as a result of the Arab oil embargo against Western nations who supported Israel during the Yom Kippur War (see Arab-Israeli WarsArab-Israeli Wars,
conflicts in 1948–49, 1956, 1967, 1973–74, and 1982 between Israel and the Arab states. Tensions between Israel and the Arabs have been complicated and heightened by the political, strategic, and economic interests in the area of the great powers.
..... Click the link for more information.
), OPEC was able to raise oil prices significantly; the price hike caused inflation in oil-importing nations. Further increases ensued but by 1982, as importing countries pursued alternate energy resources and policies designed to reduce oil consumption, OPEC was forced to lower prices. Subsequently OPEC has at times been able to raise oil prices by cutting production, though it has needed the cooperation of major non-OPEC oil-exporting nations to do so. More often, prices have fluctuated in response to changes in demand and to national or international instability and conflict that have reduced or threatened to reduce oil production.

References in periodicals archive ?
"It is highly probable that oil and energy ministers of the member countries of Organization of Petroleum Exporting Countries will reach an agreement in the Nov.
In June 2012, the Iranian representative to the Organization of petroleum Exporting Countries said if oil prices fall below $100 per barrel, international companies will face problems in investing in oil projects.
Summary: The Organization of Petroleum Exporting Countries (OPEC) is about to enter a new age of dominance over the market, said Thursday in London the experts of the British Petroleum firm (BP) in Energy Outlook 2030 report.
NEW CHARTS--The Organization of Petroleum Exporting Countries (OPEC) started the New Year with a new style of charts.
The Organization of Petroleum Exporting Countries on Wednesday decided to keep its output targets unchanged.
Energy Secretary Steven Chu will visit the Middle East next week for meetings with members of the Organization of Petroleum Exporting Countries. The trip will allow the U.S.
Vienna, 09 September: Energy and Mines Minister Chakib Khelil called Tuesday in Vienna (Austria) for compliance with oil production quotas set by the Organization of Petroleum Exporting Countries (OPEC).
On October 20, OPEC, the Organization of Petroleum Exporting Countries, announced that 10 of its members would "reduce production by an amount of 1.2 million barrels a day, from current production of about 27.5 million barrels a day, to 26.3 million barrels a day, effective 1st November 2006." The move comes after the price of oil declined steeply over the past few weeks.
Cuba has been awarded a $10 million credit for an irrigation project by the International Development Fund, an arm of the Organization of Petroleum Exporting Countries. The agreement was signed in Vienna by Marta Lomas, Cuba's minister for foreign investment and economic cooperation, and Y.
The OPEC (Organization of Petroleum Exporting Countries) Fund for International Development signed a US3 million loan agreement with Grenada to help finance an ongoing road-rehabilitation scheme, reports BBC (May 31, 2003).
The Organization of Petroleum Exporting Countries (OPEC) agreed to raise its production quota to from 24.5 million barrels per day to 25.4 million barrels starting June 2003.
petroleum industry during the 1970s and 1980s, focusing on the industry's turbulent relationship with OPEC (Organization of Petroleum Exporting Countries).

Full browser ?