OPEC

Definition

Organization of Petroleum Exporting Countries. A collective of countries founded in 1960 that choose to collaborate in order to manage the exportation of their crude oil to the rest of the world. Because of their ability to adjust production levels, they possess a great deal of influence on the price of oil.

Use OPEC in a sentence

The opec countries agreed on a mandate that would limit spending on protecting the oceans environmental factors that affect shipping.

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The price of oil relies greatly on what OPEC decides to do, the countries that belong to it have so much control over such a large portion of the world's oil supply.

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In the 1970s, the United States was hit with high oil prices because a group of other countries with a lot of oil formed a cartel called OPEC and agreed to hold down the supply of oil and make it more expensive for other countries.

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opd cartel