Organization of Petroleum Exporting Countries

American  

noun

1. OPEC.

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Organization of Petroleum Exporting Countries Cultural  

1. An organization of about a dozen nations that sell oil to other nations. The purpose of OPEC, a cartel, is to control the production of oil and to establish favorable oil prices for the member nations. Most OPEC countries, such as Libya and Saudi Arabia, are in the Middle East or northern Africa, but Indonesia and Venezuela are members as well.

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OPEC was formed in the early 1960s but had little impact before 1973. Then, to punish the United States and several Western nations for supporting Israel in a war against Egypt (see also Egypt) and Syria (see Arab-Israeli conflict), the Arab members of OPEC placed an embargo on the sale of oil to the United States and some of its allies. The result was a severe gasoline shortage and a recession in Western nations, especially in Europe, Canada, and the United States. Since then the price of oil has fluctuated, partly because OPEC members have had difficulty agreeing on and policing a common pricing policy.

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Organization of Petroleum Exporting Countries

The Organization of Petroleum Exporting Countries is less pessimistic, forecasting global oil-demand growth of around 400,000 barrels a day this year, while expecting growth to accelerate to roughly 2.4 million barrels a day in 2027.

From The Wall Street Journal ● Sep. 14, 2026

By leaving the Organization of Petroleum Exporting Countries, the U.A.E. can now push to maximize its output, presenting a new bearish oil market factor.

From Barron's ● May 4, 2026

Last year’s oil-production drilling rates set a post-Soviet record, while Russia’s crude exports remain robust even as the country makes output cuts in partnership with the Organization of Petroleum Exporting Countries.

From Seattle Times ● May 6, 2024

However, Soener purposely excluded from the sample members of the Organization of Petroleum Exporting Countries because these nations rely primarily on petroleum-based wealth that gives them more favorable investment dynamics.

From Science Daily ● Mar. 20, 2024

Some investors took the warning as a signal that OPEC+, the Organization of Petroleum Exporting Countries and allies including Russia, could consider further output cuts at a meeting on June 4.

From Reuters ● May 28, 2023