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

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

But in 2024, the South American country produced only about one percent of the world's total crude output, said OPEC, its industry left haggard by years of underinvestment, mismanagement and US sanctions.

From Barron's • Feb. 11, 2026

Despite its long history with OPEC, Venezuela’s diminished production has long deprived it of a big say in group discussions over output.

From The Wall Street Journal • Jan. 8, 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