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 ?
VIENNA - The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that its basket price stood at USD 46.25 a barrel Monday, compared with USD 47.05 the previous Friday.
Vienna, Sha'ban 23, 1434, Jul 2, 2013, SPA - The price of OPEC basket of twelve crudes stood at US$100.10 dollars a barrel on Monday, compared with US$100.78 the previous Friday, according to statistics announced today by OPEC Secretariat, the executive organ of the Organization of the Petroleum Exporting Countries (OPEC).
The Organization of the Petroleum Exporting Countries (Opec) leading producer responded to slower demand at home and abroad by lowering supply by around 700,000 bpd over the last two months of 2012, more than a mbpd below peak production last summer.
Summary: The Organization of the Petroleum Exporting Countries (OPEC) started on Wednesday morning in Vienna its ordinary ministerial spring meeting, which will "probably" decide to keep its offer levels at 24.84 million barrels per day in force since January 2009.
Khatibi said the 12-member Organization of the Petroleum Exporting Countries would not hold an extraordinary meeting before its next scheduled meeting in Vienna on March 15.
Recently head of the Organization of the Petroleum Exporting Countries (OPEC), Rodriguez understands the cartel's cagey quota game as well as anybody.
Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week.
- Oil prices rose on Wednesday ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) next week, in which members are expected to decide some form of cut production to face a looming .
The rise in Iran's oil sales to South Korea came as the member-states of the Organization of the Petroleum Exporting Countries (OPEC) started to implement a plan to curb production by about 1.2 million barrels per day from the beginning of January.
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.
The Organization of the Petroleum Exporting Countries (Opec) said it expects oil demand to grow by 1.4 million barrels per day (mbpd) this year, around steady on its previous forecast and also in line with IEA figures.

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