Organization of Petroleum-Exporting Countries, OPEC(noun)
an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
OPEC is the Organization of the Petroleum Exporting Countries. It is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers. Those who invest in petroleum activities should receive a fair return on their investments. OPEC is an intergovernmental organization that was created at the Baghdad Conference on September 10–14, 1960, by Iraq, Kuwait, Iran, Saudi Arabia and Venezuela. Later it was joined by nine more governments: Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, on September 1, 1965. OPEC was formed at a time when the international oil market was largely separate from centrally planned economies, and was dominated by multinational companies. OPEC's ‘Policy Statement' states that there is a right of all countries to exercise sovereignty over their natural resources. In the 1970s, OPEC began to gain influence and steeply raised oil prices during the 1973 Oil Crisis in response to US aid to Israel during the Yom Kippur War. It lasted until March 1974. OPEC added to its goals the selling of oil for socio-economic growth of the poorer member nations, and membership grew to 13 by 1975.
What does OPEC stand for? -- Explore the various meanings for the OPEC acronym on the Abbreviations.com website.
The numerical value of OPEC in Chaldean Numerology is: 5
The numerical value of OPEC in Pythagorean Numerology is: 3
Sample Sentences & Example Usage
OPEC was much too optimistic on non-OPEC supply, it is reasonable to cut supply growth outside OPEC, given the recent developments in the U.S. rig count.
There are times when you need OPEC and when you don't. You only need OPEC when you have major oversupply and OPEC doesn't want prices to crash any further.
Russia is not an OPEC member... If there are any consultations outside the OPEC summit by OPEC and non-OPEC member countries we will look at such proposals (of consultations)... But there are no such proposals yet.
Persistent speculation about a deal between OPEC and leading non-OPEC producers to cut output appears to be just that: speculation. It is OPEC's business whether or not it makes output cuts either alone or in concert with other producers but the likelihood of coordinated cuts is very low.
We're working towards a special OPEC meeting, in coming days we'll announce .... We're making contacts with OPEC governments, we're evaluating the possibility that a very high ranking OPEC meeting be called, and that in coordination with the Russian Federation, President Vladimir Putin, we can advance in taking a series of actions to defend the oil market in the face of this latest fall.
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