- OPEC
- Organization of Petroleum Exporting Countries, emerged as the major petroleum pricing power in 1973, when the ownership of oil production in the Middle East transferred from the operating companies to the governments of the producing countries or to their national oil companies. Members are: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Chicago Board of Trade glossary————A cartel of oil-producing countries. Bloomberg Financial Dictionary————Organisation for Petroleum Exporting Countries, an organisation to which many of the major oil producing countries belong. Dresdner Kleinwort Wasserstein financial glossary————A cartel of oil-producing countries. The New York Times Financial Glossary
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Organization of Petroleum Exporting Countries; an organization of nations that produce and sell oil and which tries to keep the price of oil at a suitable level:• Practically all payments to OPEC countries are made in dollars.
• the reduction in demand for OPEC oil
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Organization of Petroleum Exporting Countries. An association of the world's leading oil producing and exporting nations. OPEC's production quotas have a major bearing on oil prices and the 11 members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.■ www.opec.org ■* * *
OPEC UK US /ˈəʊpek/ noun► ECONOMICS, NATURAL RESOURCES ABBREVIATION for Organization of the Petroleum Exporting Countries: a group of oil-producing countries who have an agreement to control the amount of oil that each country can produce and sell: »Oil prices fell sharply after OPEC agreed to increase production.
»Venezuela is able to sell three-quarters of its OPEC quota as refined products.
»OPEC countries/members/leaders
Financial and business terms. 2012.
