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

Iran is one of the largest oil producing countries in OPEC.

From Barron's • Feb. 6, 2026

Adding to the stakes for global energy markets: Tehran, a founding member of OPEC, is responsible for around 3% of daily global oil output.

From The Wall Street Journal • Jan. 26, 2026

Despite its long history with OPEC, Venezuela’s diminished production has long deprived it of a big say in group discussions over output.

From The Wall Street Journal • Jan. 8, 2026

Historically, Venezuela has had a major impact on global oil markets as it not only has the world’s largest proven oil reserves but was a founding member of OPEC, said Flynn.

From MarketWatch • Nov. 14, 2025

Saudi Arabia has the largest reserves   of petroleum in the world, ranks as the largest exporter of petroleum, and   plays a leading role in OPEC.

From The 1993 CIA World Factbook by United States. Central Intelligence Agency