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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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Association of Coffee Producing Countries Cartel Economic Shock Organization of Arab Petroleum Exporting Countries Organization of Petroleum Exporting Countries Petrodollars Quota stagflation | His ministry later said OPEC Secretary-General Abdullah al-Badri of Libya had given preliminary agreement to the idea when he and Shmatko met. Developed countries "cannot shift the responsibility of cleaning the world or cleaning the environment on developing countries," OPEC secretary-general Abdullah El-Badri told a press conference following a late-night meeting of the cartel at its Vienna headquarters. Developed countries "cannot shift the responsibility of cleaning the world or cleaning the environment on developing countries," OPEC secretary-general Abdullah El-Badri told a press conference following a late-night meeting of the cartel at its Vienna headquarters. |
OPEC Secretary-General |
OPDL OPDM OPDO OPDOC OPDP OPDQ OPDR OPDRA OPDS OPDS Utility Boat OPDT OPDU OPDV OPDW OPDX OPE OPE OPE OPEA OPEAA OPEAL OPEB OPEC OPEC OPEC OPEC OPEC Cartel OPEC Cartel OPEC Cartel OPEC Fund for International Development OPEC Secretary-General OPEC Secretary-GeneralsOPEC Secretary-Generals OPEC Secretary-Generals OPEC World Energy Model OPECA OPECNA OPECST OPECT Oped Oped Oped Oped Oped OPEDC OpEdNews OPEDS OPEE OPEER OPEESA OPEF OPEFB OPEFE OPEFM OPEG OPEGA Opegraphaceae OPEI OPEID Opeidoscope OPEIR | |||||||
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