Organization of Petroleum Exporting Countries. A collective of countries founded...
Organization of Petroleum Exporting States is an economic cartel of oil-producing states that coordinate production and drilling in order to manage the world price of oil. OPEC controls roughly half of the world's current oil export market. Close Window
An organization founded in Baghdad, raq, in September 1960, to unify and coordinate members' petroleum policies. OPEC members' national oil ministers meet regularly to discuss prices and, since 1982, to set crude oil production quotas. Original OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960 and 1975, the organization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), and Gabon (1975). Ecuador withdrew in December 1992, and Gabon withdrew in January 1995. Although Iraq remains a member of OPEC, Iraqi production has not been a part of any OPEC quota agreements since March 1998. For more information, go to OPEC’s website at http://www.opec.org/aboutus/history/history.htm.
rganisation of etroleum xporting ountries. Group of oil-producing nations which attempts to set world oil prices by controlling production. Powerful in the 1960s & 70s, but has lost clout due to internal squabbling & shoddy discipline.
An international oil cartel originally formed in 1960 and including in 1983: Saudi Arabia, Kuwait, Iran, Iraq, Venezuela, Quatar, Libya, Indonesia, United Arab Emirates, Algeria, Nigeria, Ecuador, and Gabon.
Organization of Petroleum Exporting Companies: cartel of oil producers formed to control the price and supply of oil on world markets
the rganization of etroleum xporting ountries, which are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
See: Organization of Petroleum Exporting Countries
Organization of Petroleum Exporting Countries - A group of 11 oil producing nations, that currently account for approximately 40 percent of global oil production and hold a considerable amount of the world''s existing reserves.
Organization of Petroleum Exporting Countries ORS oral rehydration salts ORT oral rehydration therapy
Acronym for Organization of Petroleum Exporting Countries founded in 1960 for unify and coordinate petroleum polices of the members. Headquarters is in Vienna, Austria.
Organization of Petroleum Exporting Countries, of which Sudan is not yet a member.
The acronym for the Organization of Petroleum Exporting Countries, oil-producing and exporting countries that have organized for the purpose of negotiating with oil companies on matters of oil production, prices, and future concession rights.
the Arab-led Organization of Petroleum Exporting Countries. (p. 1019)
Organization of Petroleum Exporting Countries. An organizationwhich attempts to regulate the production levels and prices of crude oil exported by member countries.
Organization of the Petroleum Exporting Countries. The current members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Organisation of Petroleum Exporting Countries
Organisation for Petroleum Exporting Countries, an organisation to which many of the major oil producing countries belong.
A cartel of oil-producing countries.
The Organization of Petroleum Exporting Countries, an international oil cartel; its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
Organization of Petroleum Exporting Countries. Coordinates petroleum policies of thirteen major oil-producing countries. In early 1987 members included Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
The Organization of Petroleum Exporting Countries (OPEC), a cartel of mostly Middle East Arab nations, united behind an Arab boycott and cut off oil sales to the West in 1973. This greatly increased the cost of oil and caused consternation throughout the industrial world.
The Organization of Petroleum Exporting Countries (OPEC) is an international organization made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC's international headquarters (since 1965) is located in Vienna, Austria. The organization is considered a cartel by many observers http://news.bbc.co.uk/1/hi/business/689609.stmhttp://www.econlib.org/library/enc/OPEC.html.