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 ?
Abdallah El Badri was again appointed Secretary-General of OPEC in January 2007, having previously served as Secretary-General and as President in the mid-1990s.
Yusgiantoro who is Indonesia's minister of energy and mines, is also an interim secretary-general of OPEC.
Your term of duty as Secretary-General of OPEC in Vienna had given you a certain patina of civility.
This year's notable speakers include: Princeton University professor and the 2008 Nobel Memorial Prize winner, Paul Krugman; former Ministry of Foreign affairs of Egypt, Ahmad Aboul Gheit; Stanford University professor, Francis Fukuyama; Secretary-General of Opec, Abdullah Salem Al Badri and New York University professor Bruce Bueno de Mesquita.
He was secretary-general of Opec from 1995 to 2000 and senior adviser on petroleum and energy to Nigeria's former president, Olusegun Obasanjo, until November 2003.
The energy conference will start in the morning with a discussion panel chaired by Prince Abdul Aziz bin Salman, assistant minister for petroleum affairs, with participation of the executive director of the International Energy Agency (IEA), secretary-general of OPEC and secretary-general of the International Energy Forum (IEF).