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

Separately, Iraq—OPEC’s second-largest oil producer—has more than halved its oil production as the country runs out of storage, according to The Wall Street Journal External link.

From Barron's

The third reason is Iraq – OPEC’s second largest oil producer – has started to mothball production at some its biggest fields and could make further cuts in the coming days, according to a Bloomberg report.

From Barron's

OPEC+ has announced incremental production increases beginning next month.

From Barron's

On Sunday, OPEC+ producing countries chose to increase output starting in April to calm markets.

From Barron's