OPEC

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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 ?
51 dollars a barrel, as traders responded to efforts from the Opec cartel and Russia to keep enforcing output cuts despite America's booming shale industry.
The 14-member Opec cartel has also boasted better adherence to output limits than in the past, according to analysts.
8 million barrels a day was adopted by the 14-member Opec cartel, Russia and nine other global producers.
By: MENA VIENNA - 30 November 2017: The OPEC cartel and a group of allied oil-producing nations agreed Thursday to prolong crude output cuts until the end of next year, extending a policy that has led to a significant rise in the price of oil over the past year, the ABC News reported.
Prices at the pump in 2016-17 are reflecting the relatively low international price of refined petrol which fortunately is a result of the OPEC cartel failing to successfully restrict the supply of crude oil, Mr Sims said.
Lower oil prices continued to persist, despite the humongous efforts taken by the OPEC cartel to reduce the supply glut.
But it turns out that other OPEC cartel members are successfully undercutting the Saudis' attempts to capture and keep more of those markets that are closer to home.
The steep drop in oil prices over the last few years can be partly traced back to the `price war' inside the OPEC cartel.
He wants US to become totally independent of any imports from the OPEC cartel or nations hostile to US interests.
84 US dollars a barrel amid growing optimism that the Opec cartel will succeed in striking a deal to curb output at a meeting on November 30.
He said he was certain the 13-member OPEC cartel would discuss a production freeze at a June 2 meeting in Vienna.
Summary: The conventional wisdom regarding the recent plunge in the price of oil is that we are seeing a repeat of the 1985-1986 collapse, when Saudi Arabia ramped up production as part of a dispute with other members of the OPEC cartel.