OPEC

n. international organization for oil exporting countries that share the same commercial policies

The Organization of Petroleum Exporting Countries (OPEC). The principal aim of the organization, according to its Statute, is the determination of the best means for safeguarding their interests, individually and collectively; devising ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry."
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Noun
1. an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
(synonym) Organization of Petroleum-Exporting Countries
(hypernym) world organization, world organisation, international organization, international organisation, global organization
(member-meronym) Algeria, Algerie, Democratic and Popular Republic of Algeria

OPEC, organization of petroleum exporting countries; international organization for countries that export oil

OPEC, Organization of Petroleum Exporting Countries