OPEC

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Related to Organisation of the Petroleum Exporting Countries: OPEC, Organization of Petroleum Exporting Countries

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 ?
The Organisation of the Petroleum Exporting Countries (Opec) member Qatar has notified at least three Asian lifters it will continue to provide them with less crude oil than initially contracted in February, sources with the lifters said.
During the exploration period, Oman, a producer outside the Organisation of the Petroleum Exporting Countries will not bear any financial expenses.
The report suggests Riyadh is asserting its authority over fellow members of the Organisation of the Petroleum Exporting Countries after it failed to convince the cartel to lift output at an acrimonious meeting in Vienna on Wednesday.
Officials have previously said the the Organisation of the Petroleum Exporting Countries (Opec) member would reach 3.
Southeast Asia's biggest economy said earlier this year that it would quit the Organisation of the Petroleum Exporting Countries (Opec) because as a net oil importer it is not happy with high global crude prices.
Southeast AsiaCOs biggest economy said earlier this year that it would quit the Organisation of the Petroleum Exporting Countries (Opec) because as a net oil importer it is not happy with high global crude prices.

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