What is opec stand for

Forgot your password? Retrieve it. Abbreviation » Term. Term » Abbreviation. Word in Term. Term » Abbr. Filter by: Select category from list What does OPEC mean?

Organization of Petroleum-Exporting Countries, OPEC noun an organization of countries formed in to agree on a common policy for the production and sale of petroleum see more ».

Couldn't find the full form or full meaning of OPEC? Notify me of new comments via email. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. OPEC aims to regulate the supply of oil in order to set the price on the world market. The arrival of fracking technology for natural gas in the U. While OPEC does ensure that there is a steady supply of oil in the global market, it has come under fire for holding considerable power in the industry, which allows it to keep prices as high as possible.

Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts.

The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms Cartel A cartel is an organization created between a group of producers of a good or service to regulate supply in order to manipulate prices.

Oil Reserves Definition Oil reserves are an estimate of the amount of crude oil located in a particular economic region. What Is Shale Oil? Shale oil is a type of oil found in shale rock formations that must be hydraulically fractured to extract.

OPEC is defined as an abbreviation for Organization of Petroleum Exporting Countries, which is a union of oil producing countries that regulate the amount of oil each country is able to produce.

Organization of Petroleum Exporting Countries: an association of major oil-producing nations which seeks to control crude-oil prices by setting production limits for each member nation. Another goal of OPEC is bringing stability and harmony to the oil market by adjusting oil output to help ensure a balance between supply and demand. The group typically meets twice a year, but can schedule more dates in response to market events.

Membership grew to ten by OPEC rose to international prominence during this decade, as its Member Countries took control of their domestic petroleum industries and began to play a greater role in world oil markets. The decade witnessed several impactful events that caused volatility in the global oil market to rise steeply.

OPEC broadened its mandate with the first Summit of Heads of State and Government in Algiers in , which addressed the plight of the poorer nations and called for a new era of cooperation in international relations, in the interests of world economic development and stability.

Member Countries embarked on ambitious socio-economic development schemes. Membership grew to 13 by Demand for energy slumped and oil demand fell in the early part of s, culminating in a market crash in in response to the oil glut and a consumer shift away from hydrocarbons. Environmental issues emerged on the international energy agenda. Timely OPEC action reduced the market impact of Middle East issues in —91, but excessive volatility dominated the decade.