What does opec mean?

Definitions for opecˈoʊ pɛk

Here are all the possible meanings and translations of the word opec.

Princeton's WordNet

  1. 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


  1. OPEC

    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.

Suggested Resources

  1. OPEC

    What does OPEC stand for? -- Explore the various meanings for the OPEC acronym on the Abbreviations.com website.


  1. Chaldean Numerology

    The numerical value of opec in Chaldean Numerology is: 5

  2. Pythagorean Numerology

    The numerical value of opec in Pythagorean Numerology is: 3

Sample Sentences & Example Usage

  1. Total Chief Executive Patrick Pouyanne:

    OPEC's decision was expected by the market.

  2. Ken Hasegawa:

    There's no sign of any reduction of output by OPEC.

  3. Iranian Oil Minister Bijan Zanganeh:

    Without country quotas, OPEC cannot control anything.

  4. Saudi Arabian-led:

    OPEC is definitely trying to put the U.S. producer out of business.

  5. Bijan Zanganeh:

    Iran endorses an emergency OPEC meeting and would not disagree with it.

Images & Illustrations of opec

  1. opecopecopec

Translations for opec

From our Multilingual Translation Dictionary

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