OPEC

American  

[oh-pek] / ˈoʊ pɛk /

noun

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

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OPEC British  

/ 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

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Etymology

Origin of OPEC

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

Example Sentences

The United Arab Emirates recently departed OPEC, an organization whose global market share has fallen from 50% in 1973 to 38%.

From Barron's • May 7, 2026

This week provided an example, with the United Arab Emirates saying they were leaving OPEC, thus freeing the country to increase oil exports without seeking agreement among cartel members.

From MarketWatch • May 1, 2026

The U.A.E. has practical reasons to pull out of OPEC.

From The Wall Street Journal • Apr. 30, 2026

Markets were weighing this prospect of a resumed U.S.-Iran conflict against the United Arab Emirates’ exit from OPEC.

From Barron's • Apr. 29, 2026

Saudi Arabia has the largest reserves of petroleum in the world, ranks as the largest exporter of petroleum, plays a leading role in OPEC, and invests substantial amounts abroad.

From The 1991 CIA World Factbook by United States. Central Intelligence Agency