OPEC
Organizations & Companies abbreviation · International Organization
| Stands for | Organization of the Petroleum Exporting Countries |
|---|---|
| Categories | Organizations & Companies |
OPEC stands for Organization of the Petroleum Exporting Countries, an international organization abbreviation.
Intergovernmental organization of oil-producing countries, including Saudi Arabia, Iraq, Iran, Kuwait, the UAE and Venezuela, that coordinates petroleum policies and production levels.
Example: Oil prices jumped after OPEC announced deeper production cuts.
Usage notes
Founded in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, with its secretariat in Vienna since 1965, it gained influence with the oil shocks of the 1970s. Its membership has changed over time, with Qatar leaving in 2019 and Angola in 2024. Saudi Arabia, the largest producer, is its dominant member.
Related abbreviations
More international organization abbreviations
- OAU – Organisation of African Unity
- OCHA – United Nations Office for the Coordination of Humanitarian Affairs
- OECD – Organisation for Economic Co-operation and Development
- OHCHR – Office of the United Nations High Commissioner for Human Rights
- OIC – Organisation of Islamic Cooperation
- OPCW – Organisation for the Prohibition of Chemical Weapons
- OPEC+ – OPEC Plus
- OSCE – Organization for Security and Co-operation in Europe
- PAHO – Pan American Health Organization
- PCA – Permanent Court of Arbitration
- RCEP – Regional Comprehensive Economic Partnership
- SAARC – South Asian Association for Regional Cooperation