OPEC


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OPEC

 (ō′pĕk′)
abbr.
Organization of Petroleum Exporting Countries
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

OPEC

(ˈoʊ pɛk)

n.
Organization of Petroleum Exporting Countries.
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.
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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
Translations
OPEC

OPEC

[ˈəʊpek] N ABBR =Organization of Petroleum-Exporting CountriesOPEP f
Collins Spanish Dictionary - Complete and Unabridged 8th Edition 2005 © William Collins Sons & Co. Ltd. 1971, 1988 © HarperCollins Publishers 1992, 1993, 1996, 1997, 2000, 2003, 2005

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
Collins English/French Electronic Resource. © HarperCollins Publishers 2005

OPEC

abbr of Organization of Petroleum Exporting CountriesOPEC f; OPEC countryOPEC-Land nt
Collins German Dictionary – Complete and Unabridged 7th Edition 2005. © William Collins Sons & Co. Ltd. 1980 © HarperCollins Publishers 1991, 1997, 1999, 2004, 2005, 2007

OPEC

[ˈəʊpɛk] n abbr =Organization of Petroleum-Exporting CountriesO.P.E.C. f
Collins Italian Dictionary 1st Edition © HarperCollins Publishers 1995
References in periodicals archive ?
OPEC increased its production in September by 132,000 barrels per day compared to last month to an average of 32.76 million per day, with crude output up mostly in Saudi Arabia, Libya, and Angola, the report claimed.
Opec and its allies achieved 138 per cent of pledged output reductions last month, Opec said, up from 133 per cent in January and the highest since the deal aimed at clearing a glut began in January 2017.
'It is for the first time that an OPEC event is taking place in Oman and the proposed meeting is being supported by Oman Oil Company,' Ali al Riyami, director general - marketing at the Ministry of Oil and Gas, told reporters at a press conference on Sunday.
Sanusi Barkindo, during the meeting, congratulated all Opec and non-Opec participants on the first anniversary of the Declaration of Cooperation, reported Wam, the official Emirates news agency.
The share of OPEC crude oil in total global production declined by 0.3 percentage points to 30 percent in July 2019 compared to the previous month, said the cartel.
The decision extends the deal agreed during the fifth OPEC and non-OPEC Ministerial Meeting in December 2018, to reduce oil output by 1.2 million barrels per day (b/d) until June 30, for an additional period of nine months, starting from July 1, 2019 to March 31, 2020.
Zanganeh said on Tuesday that Iran had approved of extended OPEC cuts of 1.2 million barrels per day until March 2020, a move agreed in a meeting in Vienna a day earlier to further stabilize oil prices and counter a boom caused by surge in US production.
Saudi oil output in May was 9.67 mbpd, according to Opec figures.
These "big brothers" were reported to have agreed to cut production ahead of the OPEC meeting held on December 6 in Vienna and sold it to other OPEC members to prop up oil prices but there was no unanimity on production cuts initially.
"What Opec strives to achieve is a balanced oil market that is fair for both consumers and producers, and encourages the many trillions of dollars of investment that is needed to secure future production," he added, according to a report by state news agency Wam.
"Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning," he told a news conference, adding that Qatar would still attend an OPEC meeting in Vienna this week.