Organization of Petroleum Exporting Countries: an association of major oil-producing nations which seeks to control crude-oil prices by setting production limits for each member nation.
Webster's New World
The Organization of Petroleum Exporting Countries is an association of 11 countries that attempts to maximize the member countries’ profit from oil sales by coordinating the amount of oil that they sell. Another goal of OPEC is bringing stability and harmony to the oil market by adjusting oil output to help ensure a balance between supply and demand. The group typically meets twice a year, but can schedule more dates in response to market events. OPEC nations produce about 40 percent of the world’s oil output and have over 75 percent of the world’s total proven crude oil reserves. OPEC members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Webster's New World Finance
OPEC Sentence Examples
This would offer a virtually inexhaustible source of profit for OPEC.
The reserves in the Alberta tar sands are quoted at 180 billion barrels, bigger than that of every OPEC country except Saudi Arabia.
The practice of great depressionand OPEC accident victims getting is unlikely to.
In 1522, a Polish translation of Ecclesiastes appeared from that press, and before the conclusion of that year The Life of Christ, with woodcuts, translated into Polish by Balthasar Opec. Many other presses were soon established.