OPEC


Also found in: Thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia.

OPEC

 (ō′pĕk′)
abbr.
Organization of Petroleum Exporting Countries

OPEC

(ˈəʊˌpɛk)
n acronym for
(Commerce) Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. Its members are Algeria, Angola, 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

OPEC

(ˈoʊ pɛk)

n.
Organization of Petroleum Exporting Countries.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.OPEC - an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
oil cartel - a cartel of companies or nations formed to control the production and distribution of oil
Algeria, Algerie, Democratic and Popular Republic of Algeria - a republic in northwestern Africa on the Mediterranean Sea with a population that is predominantly Sunni Muslim; colonized by France in the 19th century but gained autonomy in the early 1960s
Arab Republic of Egypt, Egypt, United Arab Republic - a republic in northeastern Africa known as the United Arab Republic until 1971; site of an ancient civilization that flourished from 2600 to 30 BC
Bharat, India, Republic of India - a republic in the Asian subcontinent in southern Asia; second most populous country in the world; achieved independence from the United Kingdom in 1947
Dutch East Indies, Indonesia, Republic of Indonesia - a republic in southeastern Asia on an archipelago including more than 13,000 islands; achieved independence from the Netherlands in 1945; the principal oil producer in the Far East and Pacific regions
Iran, Islamic Republic of Iran, Persia - a theocratic Islamic republic in the Middle East in western Asia; Iran was the core of the ancient empire that was known as Persia until 1935; rich in oil
Al-Iraq, Irak, Iraq, Republic of Iraq - a republic in the Middle East in western Asia; the ancient civilization of Mesopotamia was in the area now known as Iraq
State of Kuwait, Koweit, Kuwait - an Arab kingdom in Asia on the northwestern coast of the Persian Gulf; a major source of petroleum
Libya, Socialist People's Libyan Arab Jamahiriya - a military dictatorship in northern Africa on the Mediterranean; consists almost entirely of desert; a major exporter of petroleum
Katar, Qatar, State of Katar, State of Qatar - an Arab country on the peninsula of Qatar; achieved independence from the United Kingdom in 1971; the economy is dominated by oil
Kingdom of Saudi Arabia, Saudi Arabia - an absolute monarchy occupying most of the Arabian Peninsula in southwest Asia; vast oil reserves dominate the economy
United Arab Emirates - a federation of seven Arab emirates on the eastern Arabian peninsula; achieved independence from the United Kingdom in 1971; rich in oil reserves
Republic of Venezuela, Venezuela - a republic in northern South America on the Caribbean; achieved independence from Spain in 1811; rich in oil
Translations
OPEC

OPEC

[ˈəʊpek] N ABBR =Organization of Petroleum-Exporting CountriesOPEP f

OPEC

[ˈəʊpɛk] n abbr (=Organization of Petroleum-Exporting Countries) → OPEP f(= Organisation des pays exportateurs de pétrole)op-ed page n (US)tribune f libre

OPEC

abbr of Organization of Petroleum Exporting CountriesOPEC f; OPEC countryOPEC-Land nt

OPEC

[ˈəʊpɛk] n abbr =Organization of Petroleum-Exporting CountriesO.P.E.C. f
References in periodicals archive ?
Some of the OPEC member countries have enhanced their production rate based on their production capacity without paying attention to the production ceiling.
Meanwhile, OPEC forecast in a monthly report that demand for its oil in 2016 would be much higher than previously thought as lower prices curb US shale oil and other rival supply sources, reducing a global surplus.
He gave a negative assessment of OPEC's policy vis--vis falling prices, saying, "The problem with OPEC is that there should be a consensus for any decision and that is the strength and weakness of OPEC.
shale producers and OPEC," Eberhart said during a Dec.
The fact is that the non-OPEC producers in the US, Russia, Mexico, Norway, the Gulf of Mexico, Texas and even the marginal operators in Oklahoma and Louisiana are skimming huge profits on the back of OPEC, enjoying a free ride aboard the OPEC wagon of high prices.
The report is a further illustration that technology for extracting oil and gas from shale is reducing dependence on OPEC.
OPEC's president, Iraqi Oil Minister Abdul Kareem Luaiby, has sent members a request by Iran for an emergency meeting, Iraqi OPEC Governor Falah Alamri said on Saturday.
The report said: "Higher OPEC crude oil production underscores the current trend of plentiful supply in excess of market requirements".
LONDON: OPEC is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk, the oil producing group said Thursday.
If there is no pressure from outside and external problems are not imposed on this organization, OPEC members can easily make a decision and reach consensus," Khatibi said.
OPEC, source of more than a third of the world's oil, is unlikely to become concerned about a slide in oil prices unless Brent crude falls towards $90 a barrel, OPEC delegates said on Thursday.
In 1985, Saudi Arabia was out-bidding the other OPEC members by offering its crude oils to IOCs on "netback" basis, i.