OPEC


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OPEC

Organization of Petroleum Exporting Countries

An international organization founded in 1960 whose members collaborate on the production and exportation of oil. Members meet several times a year to discuss oil prices and ways to bring them to an optimal level for members. OPEC has a great influence over the world's oil supply as the organization sets production quotas for member nations. Cutting production tends to result in higher oil prices while raising production tends to lower them. Many of OPEC's member nations are heavily reliant on oil to fund their economies and, as a result, tend to prefer high prices. On the other hand, other members (though the groups overlap) suffer high inflation rates when oil prices are too high. As a result, there is often tension between so-called "price hawks" and other members. See also: Brent blend.

OPEC

see ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES.

OPEC

see ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES.
References in periodicals archive ?
In its report, OPEC pointed to a supply glut easing in 2016 and to a 'more balanced' market.
In November, Iran's former OPEC Governor Mohammad Ali Khatibi urged energy officials of the country to continue their consultations with other OPEC members to help control the crude markets, warning that prices may continue their free fall after winter.
I applaud Richard Fisher, not only for recognizing what OPEC is trying to do, but also for his bold public remarks on the situation.
In the long run OPEC has to deal with Iraq and Iran, both of whom have plans for expanding their production and export potential.
Energy Information Administration, as usual more bullish on demand than OPEC, in a report on Tuesday raised its 2014 demand growth estimate by 50,000 bpd to 1.
Supply from producers outside OPEC was also on the rise, according to the report.
OPEC in December set its official supply target at 30 million bpd, settling an argument that broke out in 2011 after Iran and other members opposed a Saudi-led plan to raise the production ceiling.
He, meanwhile, said Iranian oil minister Rostam Ghasemi, who is OPEC's current president, had held informal talks with several OPEC ministers last week in Doha ahead of Wednesday's OPEC conference.
At the same time as reporting the rise in output, OPEC and other forecasters this week have lowered forecasts for 2011 global oil demand growth citing the economic outlook.
At the subsequent OPEC meetings, warring Iran and Iraq got equal quotas.
The Kingdom has derived tremendous benefits from its OPEC membership.
According to the model's main assumption, OPEC will always produce the difference between world demand and non-OPEC production.