Definition of
Organization of the Petroleum Exporting Countries
association of oil-producing countries an international organization of 11 countries, each one largely reliant on oil revenues as its main source of income, that tries to ensure there is a balance between supply and demand by adjusting the members' oil output. The Organization of the Petroleum Exporting Countries' headquarters are in Vienna. The current members, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, meet at least twice a year to decide on output levels and discuss recent and anticipated oil market developments.
Related definitions of "Organization of the Petroleum Exporting Countries"
- Abbr OPEC
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