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

Kuwait, a member of OPEC, produces 2.6 million barrels a day of oil, according to the cartel’s official data.

From Barron's • Mar. 6, 2026

Venezuela was once a major crude supplier to the United States, and has the world's largest proven reserves with more than 303 billion barrels, according to global oil cartel OPEC.

From Barron's • Mar. 1, 2026

Venezuela is one of the founding members of OPEC.

From The Wall Street Journal • Jan. 9, 2026

Historically, Venezuela has had a major impact on global oil markets as it not only has the world’s largest proven oil reserves but was a founding member of OPEC, said Flynn.

From MarketWatch • Nov. 14, 2025

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