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OPEC

[ oh-pek ]

noun

  1. an organization founded in 1960 of nations that export large amounts of petroleum: formed to establish oil-exporting policies and set prices.


OPEC

/ ˈəʊˌpɛk /

acronym for

  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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Word History and Origins

Origin of OPEC1

O(rganization of ) P(etroleum) E(xporting) C(ountries)

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Example Sentences

This is a remarkable squandering of resources for this OPEC nation with one of the largest proven reserves.

And that means the U.S. needs to import less oil—especially from OPEC countires.

The U.S. has long imported much more than it exported, especially oil from OPEC countries and goods from China.

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.

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