OPEC

[oh-pek]

noun

1. an organization founded in 1960 of nations that export large amounts of petroleum: formed to establish oil-exporting policies and set prices.

OPEC

/ ˈəʊˌpɛk /

acronym

1. Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. Its members are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Ecuador and Gabon were members but withdrew in 1992 and 1995 respectively

Word History and Origins

Origin of OPEC¹

O(rganization of ) P(etroleum) E(xporting) C(ountries)

Example Sentences

Global oil supply has increased by over two million barrels a day from OPEC+, while demand rose by less than one million barrels a day.

Read more on Barron's

And with OPEC+ adding barrels and U.S. output holding, “the near-term outlook is likely lower,” he adds.

Read more on The Wall Street Journal

Oil prices have slid for much of the year due to concerns about a global oversupply as the OPEC+ cartel increases production.

Read more on The Wall Street Journal

Still, “Beijing’s dominance in both mining and refining these elements gives it the sort of asymmetric leverage that once belonged to OPEC,” said Innes.

Read more on MarketWatch

Middle Eastern oil production surged by September as OPEC+ countries ramped up output.

Read more on The Wall Street Journal