Definitions for opec
ˈoʊ pɛkopec

Princeton's WordNetRate this definition:0.0 / 0 votes

1. Organization of Petroleum-Exporting Countries, OPECnoun

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

WikipediaRate this definition:0.0 / 0 votes

1. OPEC

   The Organization of the Petroleum Exporting Countries (OPEC, OH-pek) is an intergovernmental organization of 14 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. As of September 2018, the then 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so called "Seven Sisters" grouping of multinational oil companies. The stated mission of the organization is to "coordinate and unify the petroleum policies of its member countries and 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." The organization is also a significant provider of information about the international oil market. The current OPEC members are the following: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela. Indonesia and Qatar are former members. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply. Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list of "the top 100 most influential people in the shipping industry". However, the influence of OPEC on international trade is periodically challenged by the expansion of non-OPEC energy sources, and by the recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting self-interests.

ChatGPTRate this definition:0.0 / 0 votes

1. opec

   OPEC, or the Organization of the Petroleum Exporting Countries, is an international organization consisting of countries that produce and export significant amounts of petroleum. Founded in 1960, its primary purpose is to coordinate and unify petroleum policies among member countries to secure fair and stable prices for petroleum producers, an efficient and regular supply of petroleum to consuming nations, and a fair return on capital to those investing in the industry.

WikidataRate this definition:0.0 / 0 votes

1. OPEC

   OPEC is the Organization of the Petroleum Exporting Countries. It is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers. Those who invest in petroleum activities should receive a fair return on their investments. OPEC is an intergovernmental organization that was created at the Baghdad Conference on September 10–14, 1960, by Iraq, Kuwait, Iran, Saudi Arabia and Venezuela. Later it was joined by nine more governments: Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, on September 1, 1965. OPEC was formed at a time when the international oil market was largely separate from centrally planned economies, and was dominated by multinational companies. OPEC's ‘Policy Statement' states that there is a right of all countries to exercise sovereignty over their natural resources. In the 1970s, OPEC began to gain influence and steeply raised oil prices during the 1973 Oil Crisis in response to US aid to Israel during the Yom Kippur War. It lasted until March 1974. OPEC added to its goals the selling of oil for socio-economic growth of the poorer member nations, and membership grew to 13 by 1975.

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1. OPEC

   What does OPEC stand for? -- Explore the various meanings for the OPEC acronym on the Abbreviations.com website.

Matched Categories

1. • Oil Cartel
   • World Organization

Anagrams for opec »

1. CEOP

2. cope

How to pronounce opec?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say opec in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of opec in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of opec in Pythagorean Numerology is: 3

Examples of opec in a Sentence

1. Edward Moya:

   The production cuts by OPEC+ are providing a nice backdrop here for higher prices and until we see U.S. production reassert itself, the easier move is higher for oil.

2. Gary Ross:

   The Saudis trashed OPEC in Doha. But they realized they don't want to throw away decades of OPEC history and decided to be more cooperative.

3. Sid Mokhtari:

   The fact that OPEC is going to get together and come up with a fair value for oil gave some boost to the market.

4. Scott Sheffield:

   I don't think OPEC has to worry that much more about U.S. shale growth long term.

5. Jameel Ahmad:

   One of the drivers behind the change in dynamics that has resulted in OPEC losing influence over the oil industry is the emergence of the capability of outsiders to produce oil, none have been more prominent in this arena in recent years than Spencer Welch.

Popularity rank by frequency of use

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=opec
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Opec
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=opec