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 ?
The comments add to indications this week that the Organisation of the Petroleum Exporting Countries is unlikely to step in soon to quell rising prices, which were trading at a six-month high above $86.
Officials have previously said the the Organisation of the Petroleum Exporting Countries (Opec) member would reach 3.5 mbpd over the next 10 years.
According to media reports, Global energy organisations, including the Organisation of the Petroleum Exporting Countries, International Energy Agency, will also be represented at the meet.
"We don't want to see a double-dip recession." Badri declined to comment on what the Organisation of the Petroleum Exporting Countries, source of more than a third of the world's oil, would decide when it meets on October 14 to reconsider output policy.
The Organisation of the Petroleum Exporting countries cut its estimate of demand for its own crude oil this year, saying supply from countries outside the producer group will rise more than expected and it forecast only a small increase in demand for its oil next year.

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