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OPEC
(redirected from Organisation of the Petroleum Exporting Countries)

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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.


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The IPTC, which returns to the Middle East from Kuala Lumpur in 2008 and has now been established as a biennial event is endorsed by the Organisation of the Petroleum Exporting Countries (OPEC) and the Organisation of Arab Petroleum Exporting Countries (OAPEC).
Nigeria is a member of 12-member Organisation of the Petroleum Exporting Countries (OPEC), a cartel pumping about 40 percent of the global oil supplies.
Summary: The Organisation of the Petroleum Exporting Countries (OPEC) has lent its endorsement to the forthcoming International Petroleum Technology Conference (IPTC), taking place in Doha, Qatar.
 
 
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