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

Word History and Origins

Origin of OPEC¹

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

Example Sentences

“The tense geopolitical setup is supportive of further gains along with the rising U.S. demand into summer and OPEC’s restrictive tone regarding its outlook,” Ipek Ozkardeskaya of Swissquote said in a commentary.

From Seattle Times

“OPEC’s production cuts continue to cause declining global oil inventories, with escalations between Iran and Israel adding to concerns of further destabilization,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

From Seattle Times

The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices.

From Seattle Times

And oil prices have been flat as Saudi Arabia and other members of the OPEC+ coalition of oil producers maintain cuts to output that have only put a floor under prices.

From Seattle Times

Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday.

From Seattle Times