OPEC

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Related to Organisation of the Petroleum Exporting Countries: OPEC, Organization of Petroleum Exporting Countries

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 ?
32 million barrels per day (bpd) in 2012, lower than this year, the Organisation of the Petroleum Exporting Countries said in its first forecast for next year.
The Organisation of the Petroleum Exporting Countries (Opec) has lent its support to the forthcoming International Petroleum Technology Conference (IPTC) in Doha by endorsing the event.
6m has been signed between the Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development and the Sudan Telecommunications Company (Sudatel), one of the leading private sector companies in the country.
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.

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