Dictionary Meaning and Definition on 'OPEC'
n : an organization of countries formed in 1961 to agree on a
common policy for the production and sale of petroleum
[syn: Organization of Petroleum-Exporting Countries]
Wikipedia Meaning and Definition on 'OPEC'
The Organization of the Petroleum Exporting Countries (OPEC, pronounced /ˈoʊpɛk/ OH-pek) is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965,
According to its statutes, one of the principal goals is the determination of the best means for safeguarding the organization's interests, individually and collectively. It also pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry.[See more about OPEC at Dictionary 3.0 Encyclopedia]
Words and phrases related to 'OPEC'
OPEC Sample Sentences in News
- Platts Survey: OPEC Pumps 30.11 Million Barrels of Crude Oil Per Day in February
LONDON, March 7, 2014 /PRNewswire/ -- Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) climbed by 240,000 barrels per day (b/d) to 30.11 million b/d in February from 29.87 million b/d in January following a surge in Iraqi exports and despite new setbacks in Libya, a just-released Platts survey of OPEC and oil industry officia Read more on this news related to 'OPEC'
- OPEC Oil Output Rises In February, Led By Iraq-Survey
OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a Reuters survey found on Friday. Read more on this news related to 'OPEC'
- OPEC crude basket closes lower
Vienna, March 7 (IANS/WAM): The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.37 a barrel Thursday, compared to $105.24 Wednesday, according to the OPEC Secretariat. Read more on this news related to 'OPEC'