- an organization founded in 1960 of nations that export large amounts of petroleum: formed to establish oil-exporting policies and set prices.
Origin of OPEC
O(rganization of) P(etroleum) E(xporting) C(ountries)
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
Examples from the Web for opec
This is a remarkable squandering of resources for this OPEC nation with one of the largest proven reserves.What Venezuela Can Learn From Miss Universe
November 13, 2013
And that means the U.S. needs to import less oil—especially from OPEC countires.Increasing Oil Production in the U.S. Sparks Less OPEC Reliance
July 12, 2013
The U.S. has long imported much more than it exported, especially oil from OPEC countries and goods from China.America Is Not Doomed
July 7, 2013
But the more powerful members of OPEC don't seem willing to go along.
OPEC meets in Vienna on Friday, a meeting that will, according to the Wall Street Journal, be a mite testy.
- 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 Origin and History for opec
initialism for Organization of Petroleum-Exporting Countries, founded 1960.
Online Etymology Dictionary, © 2010 Douglas Harper