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 ?
In general, this is the second visit of OPEC leader to Azerbaijan.
The JMMC includes member states of OPEC and non-OPEC members such as Oman and Russia.
On the basis of the results achieved, the Ministers reviewed strategies to be evaluated in the Joint OECD / OPEC (OPEC +) Joint Ministerial Monitoring Committee at their meeting on 22 September in Vienna, Austria, which will subsequently be presented at the OPEC Conference in November.
France, Portugal, and Spain, OPEC emphasizes the "inalienable right of all countries to exercise permanent sovereignty over their natural resources.
The oil minister reiterated there was no dispute and the OPEC Meeting was held in a peaceful atmosphere.
The production cuts agreed upon in November 2016 between OPEC and some other major non-OPEC producers drove a rally in prices towards the end of 2016 and into 2017, said Qatar National Bank (QNB) in a report on Saturday.
An Algerian energy source said a number of energy ministers from OPEC countries would meet in Doha on Friday to try to build consensus over the group's decision in September to limit oil output.
Na'imi conceded that the OPEC market-share option caused severe socio-economic problems for some member-states as prices languished below $50/b.
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.
The report is a further illustration that technology for extracting oil and gas from shale is reducing dependence on OPEC.
Summary: OPEC is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk.
Mohammad Ali Khatibi, Iran's governor in OPEC, also warned that oil prices would fall next year if OPEC did not rein in production to accommodate recovering output from Libya and rising volumes from Iraq.