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 ?
Summary: Vienna, July 01, 2010, SPA -- The oil price of the Organization of the Petroleum Exporting Countries (OPEC) moved down slightly to 72.
Summary: Organization of the Petroleum Exporting Countries (OPEC)'s markets monitoring committee recommended Tuesday the cartel's members, staled to meet Wednesday evening in Vienna in an ordinary session, to keep unchanged their output quotas and boost better compliance with them.
The Organization of the Petroleum Exporting Countries left output targets unchanged at a meeting in Vienna on Thursday, as higher oil prices and optimism the global economy would soon start to recover outweighed concern over high crude stocks.
The Organization of the Petroleum Exporting Countries announced its widely expected move in a communique issued during a semiannual meeting of its 11 oil ministers.
Oil has dropped below the $60 level following this morning's crude inventory reports and word that the Organization of the Petroleum Exporting Countries decided to leave its output quota at 28 million barrels per day "for the time being.
TOKYO, Nov 28 (KUNA) -- Japan welcomed on Friday the decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain its crude oil output ceiling.
Summary: TEHRAN (FNA)- Iran, which holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), said the oil cartel has no plan to hold an emergency meeting due to the recent increase in crude prices.
Summary: Vienna, June 29, 2010, SPA -- The Oil Price of the Organization of the Petroleum Exporting Countries (OPEC) climbed to $74.
Summary: Russia and the Organization of the Petroleum Exporting Countries (OPEC) plan to held a meeting in July to consider the prospects of cooperation between the two sides, Russian Energy Minister SergueE[macron] Chmatko said on Wednesday.
At this meeting, the economic condition in the years 2009 and 2010 should be evaluated for a decision to be made," he said, referring to the gathering on March 15 of the Organization of the Petroleum Exporting Countries in Vienna.
Some ministers say that's way too much if the Organization of the Petroleum Exporting Countries wants to preserve steady prices.
The other meeting will occur next Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) will hold a summit.

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