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 ?
Lukman was elected as OPEC secretary-general on Nov.
"I'm sure 100 per cent when looking at the markets there is no shortage in the market, there is plenty of oil in the market," Opec Secretary-General Abdullah Al Badri told Reuters in Davos on Thursday last.
OPEC Secretary-General Abdullah al-Badri, who greeted the OPEC president on his arrival in Vienna, said it was too soon to say whether OPEC might consider changing its output ceiling when it next meets in September.
"If we have about 80 per cent (compliance), then we still need about 800,000 bpd to cut," Opec secretary-general Abdullah Al-Badri said.Aa
Shihab-Eldin, a top contender for the post of OPEC secretary-general, said "[crude oil] prices are moderating because the fear factor has receded".
BAGHDAD, IRAQ (NINA)- The OPEC Secretary-General Mohamed Barkindo arrived in Baghdad late Sunday, at head of the OPEC delegation.
Meanwhile, OPEC Secretary-General Abdullah Al-Badri said that there is no need to panic at markets over recent decline of oil prices, affirming that the situation will improve automatically.
Summary: TEHRAN (FNA)- Iranian Oil Minister Rostam Qassemi said Tehran is determined to get the post of OPEC secretary-general.
During a visit to Iran OPEC Secretary-General Abdullah al-Badri told that "oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar`s value, shortage of refinery capacity and some political tensions in the world".
OPEC Secretary-General Abdullah Al-Badri called for reducing glut of oil by 1.6 million pb daily, due to some OPEC countries exceeding production quotas.
"We will mobilize all our possibilities to support our nominee for the post of OPEC secretary-general," Mehman-Parast told reporters in Tehran on Tuesday.