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

Venezuela, once a major crude supplier to the Untied States, has the world's largest proven reserves with more than 303 billion barrels, according to global oil cartel OPEC.

From Barron's • Feb. 11, 2026

But it produced only around one percent of the world's total crude output in 2024, according to OPEC, having been hampered by years of underinvestment, sanctions and embargoes.

From Barron's • Jan. 15, 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

OPEC, which produces up to 40% of the world’s oil, started curtailing production in 2023, in a bid to stabilize prices when economic growth was slowing.

From The Wall Street Journal • Oct. 5, 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 1992 CIA World Factbook by United States. Central Intelligence Agency