OPEC


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OPEC

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

OPEC

see ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

OPEC

see ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
'Stocks can now be considered as close to normal levels,' an Opec source said.
The sultanate had agreed to cut its oil output by around 45,000 barrels per day to comply with an accord signed between OPEC and non-OPEC producers.
The 1st Technical Meeting of Opec and non-Opec Producing Countries was held in May 2017.
Meanwhile, the next OPEC and non-OPEC Ministerial Meeting has been scheduled for December 6, 2019.
On Monday, Iranian Ambassador to the UN Agencies Headquartered in Vienna Kazzem Qaribabadi lashed out at Washington for its attempt to wield influence on the Organization for Petroleum Exporter Countries (OPEC) through Saudi Arabia to undermine the role of Iran and Venezuela as the two major members of the oil cartel.
"All the talk now is about an extension of the same cuts, or a rollover, until the end of the year," one Opec source said.
The total oil production has been more than 27 million barrels per day from all OPEC members.
Reflecting back to December 2016 when Opec and its partners signed the 'Declaration of Cooperation' - a voluntary agreement to adjust production levels and thereby remove excess inventory overhang - Al Mazrouei said that the organisation's goal was to deliver lasting and sustainable stability to the oil market in the interest of both producers and consumers.
OPEC and several non-OPEC oil producers reached a deal in Vienna in 2016 to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices.
Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC would pump roughly an extra 1 million barrels per day (bpd) following the June agreement.
Na'imi referred to the Sep 28 Algiers deal to cut OPEC's output by 750,000 b/d.
10 : 51 AM - 20/06/2018 Vienna, June 20 (BNA): Kuwait's Oil Minister and Minister of Electricity and Water Bakheet Al-Rashidi has said that forthcoming 174th Meeting of the Organisation of Petroleum Exporting Countries (OPEC) Conference will make the proper decision to maintain stability of the world market.