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

See Examples For:

OPEC

The Iran conflict’s outcome has led to a more bearish long-term oil outlook, driven by supply-side headwinds including weaker supply discipline by OPEC, the analyst says.

From The Wall Street Journal ● Jul. 1, 2026

Whether it’s in or out of OPEC, it’s status is therefore immensely significant for the supply-demand balance of the global oil market.

From MarketWatch ● Jun. 25, 2026

The UAE's exit is "a big deal" for OPEC, said Amena Bakr, an analyst at Kpler.

From Barron's ● May 3, 2026

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

From The Wall Street Journal ● Apr. 30, 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