Organization Of Petroleum Exporting Countries - OPEC

An organization consisting of the world's major oil-exporting nations. The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 to coordinate the petroleum policies of its members, and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.

OPEC membership is open to any country that is a substantial exporter of oil and that shares the ideals of the organization. As of 2011, OPEC had 12 member countries, including founder members Iran, Iraq, Kuwait and Venezuela.

OPEC's influence on the market has been widely critcized. Because its member countries hold the vast majority of crude oil reserves (about 80%) and nearly half of natural gas reserves in the world, the organization has considerable power in these markets.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Organization of Arab Petroleum Exporting Countries —    ► See OAPEC …   Financial and business terms

  • Organization of Arabian Petroleum Exporting Countries — ⇡ OAPEC …   Lexikon der Economics

  • Organization of the Petroleum Exporting Countries — …   Useful english dictionary

  • Arab Petroleum Exporting Countries, Organization of — ▪ Arab organization Arabic  Munaẓẓamat al Aqṭār al ʿArabiyyah al Muṣaddirah lil Batrūl   Arab organization formed in January 1968 to promote international economic cooperation within the petroleum industry. Chairmanship rotates annually; meetings …   Universalium

  • petroleum — petroleous, adj. /peuh troh lee euhm/, n. an oily, thick, flammable, usually dark colored liquid that is a form of bitumen or a mixture of various hydrocarbons, occurring naturally in various parts of the world and commonly obtained by drilling:… …   Universalium

  • organization — organizational, adj. organizationally, adv. /awr geuh neuh zay sheuhn/, n. 1. the act or process of organizing. 2. the state or manner of being organized. 3. something that is organized. 4. organic structure; composition: The organization of this …   Universalium

  • organization */*/*/ — UK [ˌɔː(r)ɡənaɪˈzeɪʃ(ə)n] / US [ˌɔrɡənɪˈzeɪʃ(ə)n] noun Word forms organization : singular organization plural organizations Metaphor: An organization is like a body, and its different sections are like different parts of a body. There are a… …   English dictionary

  • organization — or|gan|i|za|tion [ ,ɔrgənı zeıʃn ] 1. ) count a group of people who have a particular shared purpose or interest, for example a political party or CHARITY: members of the human rights organization Amnesty International a voluntary/charitable/aid… …   Usage of the words and phrases in modern English

  • Petroleum industry in Azerbaijan — Onshore oil fields in Azerbaijan. Offshore oil fields in Azerbaijan …   Wikipedia

  • History of the petroleum industry in Canada (oil sands and heavy oil) — Canada s oil sands and heavy oil resources are among the world s great petroleum deposits. They include the vast oil sands of northern Alberta, and the heavy oil reservoirs that surround the small city of Lloydminster, which sits on the border… …   Wikipedia

  • List of international organization leaders in 2004 — 2003 international organization leaders Events of 2004 2005 international organization leaders International organization leaders by year See also: *List of state leaders in 2004 *List of religious leaders in 2004 *List of colonial governors in… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.