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

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

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Meanwhile, only about half of the pledged OPEC+ supply increase is expected to hit the market, as some members still have to compensate for past overproduction, while others face capacity constraints.

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“Before I became President, ‘OPEC’ kept Oil prices high.

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But Riyadh continues to wield outsize sway over oil prices through its command of OPEC, which controls up to 40% of the world’s oil output.

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OPEC, which produces up to 40% of the world’s oil, started curtailing production in 2023, in a bid to stabilize prices when economic growth was slowing.

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