OPEC

American

[oh-pek] / ˈoʊ pɛk /

noun

an organization founded in 1960 of nations that export large amounts of petroleum: formed to establish oil-exporting policies and set prices.

OPEC British

/ ˈəʊˌpɛk /

acronym

Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. Its members are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Ecuador and Gabon were members but withdrew in 1992 and 1995 respectively

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Etymology

Origin of OPEC

O(rganization of ) P(etroleum) E(xporting) C(ountries)

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

The OPEC+ move "is unlikely to calm markets", he said.

From Barron's

Boosting production would nevertheless allow OPEC+ members to regain market share in the face of competition from other key players such as the United States, Canada, Brazil, and Guyana.

From Barron's

Venezuela was once a major crude supplier to the United States, and has the world's largest proven reserves with more than 303 billion barrels, according to global oil cartel OPEC.

From Barron's

OPEC+ countries are scheduled to hold their monthly meeting Sunday, and producers could choose to increase output to calm markets.

From Barron's

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023