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 Australia, domestic consumers are expected to pay the OPEC cartel crude oil-linked LNG Asian "netback" price, or they will not get the gas.
April 16 /PRNewswire/ -- Saudi concern that limits on greenhouse gas emissions will drive down demand for crude oil shows dramatically that Americans can break the grip of the OPEC cartel on our economy, according to domestic energy developer, John W.
The OPEC cartel, meanwhile, after leaving its production quotas unchanged in March, seems increasingly prepared to allow prices to remain temporarily below what it perceives to be their 'fair value' of $75.
Crude oil has tumbled to less than EUR55 a barrel amid global recession fears and the Opec cartel announced it was reducing output by 1.
The market reacted by continuing to fall, as if there had never been an OPEC cartel.
Iran is a member of the oil-producing Opec cartel but Israel responded with a pledge to act if its national security was threatened - ratcheting up fears of military action in the region which could disrupt supply.
Membership of the Opec cartel should give Luanda increased global prominence and may help the government in its efforts to normalise relations with the rest of the world.
The North Sea output slide has contributed to deteriorating expectations for global ouptut from producers outside the OPEC cartel in 2005.
With oil prices at a 21-year high, their New York meeting was expected to urge the Opec cartel of oil producers to take action to lower the cost of crude.
What I think the president ought to do is get on the phone with the OPEC cartel and say we expect you to open your spigots," declared the opposition party's standard-bearer.
A decision by the OPEC cartel to curb output but raise its official quota sowed confusion on market," having a rather muted impact on prices once traders had time to digest the implications.
Yesterday's decision will see the OPEC cartel cut 1.