OPEC

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OPEC Meaning and Definition in Dictionary

Definitions from Wordnet 2.0


  • an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum

Definitions from Wiktionary


  • an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum

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OPEC Meaning and Definition in Wikipedia


OPEC, the Organization of the Petroleum Exporting Countries is an international organization. Since 1965, the headquarters of OPEC is in Vienna, Austria. OPEC was established in Baghdad, Iraq on 10–14 September 1960.

Its work is to "coordinate and unify the petroleum policies" of its members. Also to "ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry".

According to the United States Department of Energy Energy Information Administration (EIA), OPEC crude oil production is an important factor affecting global oil prices. OPEC sets production targets for its member nations and generally, when OPEC production targets are reduced, oil prices increase.



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