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 ?
It provided a deep insight into the potential outcomes of the decisions taken by players, especially the OPEC cartel and non-OPEC producers.
I know its not easy to make such a statement considering the existence of the OPEC cartel and in the presence of an important power such as Russia, but the situation is as such.
Tripoli was expecting to return to pre-crisis levels by the end of 2012, but the head of the OPEC cartel, Abdullah El-Badri, said Wednesday he expects this goal will be reached by mid-2012.
The IEA said the move was about helping ease a real oil shortage not prices, but it comes just weeks after the OPEC cartel failed to agree an increase in production to help ease the rising oil price.
While the OPEC cartel owns 78 percent of the world's reserves, it produces only one third of the world's oil--far less than its capacity permits.
In 2009, the average price of a barrel was 57 dollars for exports from Venezuela, which is the largest oil producer in South America and a member of the Opec cartel. That compared with an average 2008 price of 86.49 dollars per barrel.
The representative of the US government, Thomas Anders, said in 1974 that the IEA would destroy "the OPEC cartel." It was forbidden for any member of this agency to sit at the same table with OPEC.
Summary: The powerful OPEC cartel's top official on Tuesday called for the developed world to fund the fight against climate change, saying the developing world was not responsible for the current "mess".
Now the Gulf kingdom, previously a vigilant enforcer of the cuts by the OPEC cartel that checked the sharp fall in oil prices last year, appears to be expanding its own oil flow again in exasperation.
The OPEC cartel, meanwhile, after leaving its production quotas unchanged in March, seems increasingly prepared to allow prices to remain temporarily below what it perceives to be their 'fair value' of $75.
Crude oil has tumbled to less than EUR55 a barrel amid global recession fears and the Opec cartel announced it was reducing output by 1.5 million barrels a day.
Membership of the Opec cartel should give Luanda increased global prominence and may help the government in its efforts to normalise relations with the rest of the world.