Organization of Petroleum Exporting Countries (OPEC)

Organization of Petroleum Exporting Countries (OPEC),

Definition of Organization of Petroleum Exporting Countries (OPEC):

  1. Worlds most famous cartel, comprising of 12 major petroleum producers who control about 40 percent of the total oil exports. Formed in 1960 as a forum for mutual consultation on fixing crude oil prices and production quotas among its member states of Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates (UAE), and Venezuela. Ecuador, one of its original members, dropped out in 1996 due to near exhaustion of its oil reserves.

  2. An association of the thirteen major oil-producing countries, founded in 1960 to coordinate policies. Its headquarters are in Vienna.

Meaning of Organization of Petroleum Exporting Countries (OPEC) & Organization of Petroleum Exporting Countries (OPEC) Definition