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 ?
In the ever-continuing saga of crude futures and the Organization of the Petroleum Exporting Countries (OPEC), crude has slipped below 60.
The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers reached an agreement last year to cut output by almost 1.
MOSCOW, Feb 1 (KUNA) -- Russia's Energy Minister Aleksandr Novak confirmed his country's readiness to participate in consultations with the Organization of the Petroleum Exporting Countries (OPEC) to address low prices, official media reported Monday.
A survey showed on Tuesday that the oil supplies from the Organization of the Petroleum Exporting Countries (OPEC) fell in March to their lowest level since December with lower exports from Iraq and African countries.
He also said that GECF has been seriously seeking to boost its cooperation with influential bodies like the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) over the past years.
Crude oil dropped prices in several global markets after the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast of economic development in the United States and Euro zone.
Summary: Vienna, July 01, 2010, SPA -- The oil price of the Organization of the Petroleum Exporting Countries (OPEC) moved down slightly to 72.
Summary: Organization of the Petroleum Exporting Countries (OPEC)'s markets monitoring committee recommended Tuesday the cartel's members, staled to meet Wednesday evening in Vienna in an ordinary session, to keep unchanged their output quotas and boost better compliance with them.
Crude producers outside the Organization of the Petroleum Exporting Countries (OPEC) were not cooperating with the group in reducing output to restore stability, he added.
Some ministers say that's way too much if the Organization of the Petroleum Exporting Countries wants to preserve steady prices.
Oil has dropped below the $60 level following this morning's crude inventory reports and word that the Organization of the Petroleum Exporting Countries decided to leave its output quota at 28 million barrels per day "for the time being.
Members of the Organization of the Petroleum Exporting Countries in November agreed their first output cut since 2008 in an attempt to stabilize oil prices.

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