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

But it produced only around one percent of the world's total crude output in 2024, according to OPEC, having been hampered by years of underinvestment, sanctions and embargoes.

From Barron's

OPEC’s near-full capacity production and a depleted U.S. strategic petroleum reserve limit options to cover oil supply shortfalls.

From Barron's

While OPEC+ output restraint and China’s strategic stockpiling may support prices, developments in Venezuela are likely to generate only short-lived volatility with little near-term impact on global supply and demand, he says.

From The Wall Street Journal

U.S. oil production hit record levels, while OPEC+ returned oil to the market.

From Barron's

Even so, the U.S. play for Venezuela will complicate the group’s effort to manage the market as vast reserves fall under U.S. control and out of OPEC’s orbit, the delegates said.

From The Wall Street Journal