OPEC
Definition
Proper noun An international organization, founded in 1961, whose member countries coordinate and unify their petroleum policies to ensure stable oil markets, secure a steady income for producing nations, and supply petroleum to consumers efficiently and economically. The name is an acronym for the Organization of the Petroleum Exporting Countries.
Usage
"OPEC" is used as a singular proper noun to refer to the organization as a collective entity. It often functions as the subject or object in sentences discussing global oil production, pricing, and policy.
Examples
- As subject:
- As object:
- With possessive:
Advanced Usage
- "OPEC+": Refers to a broader coalition that includes OPEC member countries and other major oil-exporting nations, such as Russia. This group collaborates on production agreements.
- The latest production cuts were agreed upon by the OPEC+ alliance.
- "OPEC member" / "OPEC country": Used to describe a nation that is part of the organization.
- Saudi Arabia is a founding OPEC member.
Variants and Related Words
- OPEC (acronym): The standard form. It is typically pronounced as an initialism (O-P-E-C).
- Organization of the Petroleum Exporting Countries (noun phrase): The full, formal name of the organization.
Synonyms
- Cartel: An association of manufacturers or suppliers formed to maintain high prices and restrict competition. (Note: This term has a strong negative connotation and implies anti-competitive behavior, whereas "OPEC" is a neutral, formal name.)
- Producer group: A more general and neutral term for an association of commodity-producing nations.
Related Terms and Context
- Production quota: A limit set on the amount of oil a member country is allowed to produce, as agreed within OPEC.
- Oil embargo: A ban on trade, historically associated with OPEC's actions in the 1970s.
- Secretariat: The administrative body of OPEC, headquartered in Vienna, Austria.
Noun
-
an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
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