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Organisation of the Petroleum Exporting Countries (OPEC)
Group of crude-producing countries which has used its collective weight of production since OPEC was founded in 1960 in an attempt to influence oil prices. Current membership (May 2000): 11 countries—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Ecuador resigned from OPEC in 1992, Gabon in 1995. Founder members were Saudi Arabia, Iran, Iraq, Kuwait and Venezuela.
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- Part of Speech: noun
- Synonym(s):
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- Industry/Domain: Energy
- Category: Energy trade
- Company: Platts
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