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 ?
aspx) OPEC approved a long-term strategy that called for limiting supply to boost prices.
Weighing the gain in market share against the lower price trajectory, the value of the OPEC's crude oil sales would be about $365bn lower in 2020, according to Bloomberg calculations based on OPEC data.
In its report, OPEC pointed to a supply glut easing in 2016 and to a 'more balanced' market.
Energy Information Administration, as usual more bullish on demand than OPEC, in a report on Tuesday raised its 2014 demand growth estimate by 50,000 bpd to 1.
The extra OPEC oil is filling gaps caused by an unusually large number of supply outages globally.
According to him, OPEC production would increase to 31 million b/d in the first half of next year because of rising output from Libya and Iraq.
But, after forecasting world demand and non-OPEC supply, these models simply assume that OPEC will supply the rest - without taking into account OPEC behavior or considering that OPEC members might not be willing or able to meet the "residual" demand.
We hear a lot about Saudi Arabia's very positive role at OPEC conferences.
When OPEC looks into output cuts, this is not to embarrass the market.
OPEC ministers recognize that under certain circumstances the accruing stocks could precipitate a sudden, temporary drop in crude prices similar to the one observed in natural gas last spring.
Africa's biggest oil producer, Nigeria has been keen to widen the producer group's membership and has invited Angola, which has OPEC observer status.
In the case of oil, that includes not just the Middle East or OPEC, but also Canada, Mexico and a dozen non-OPEC suppliers.