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

Together OPEC's 12 member countries are responsible for about 40% of the world's oil supply, but because of instability in the Middle East, it may have issues producing enough oil to meet demand this year.

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