Definition of OPEC (Organization of the Petroleum Exporting Countries)

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TeachMeFinance.com - explain OPEC (Organization of the Petroleum Exporting Countries)



OPEC (Organization of the Petroleum Exporting Countries) -- The acronym for the Organization of the Petroleum Exporting Countries that have organized for the purpose of negotiating with oil companies on matters of oil production, prices, and future concession rights. Current members (as of the date of writing this definition) are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. See OPEC's site at http://www.opec.org for more information.




About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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