Definition

Proper noun: - An intergovernmental organization of countries: A permanent, international organization founded in 1961. Its primary purpose is to coordinate and unify the petroleum policies of its Member Countries to secure fair and stable prices for petroleum producers, a regular supply for consumers, and a fair return on capital for those investing in the petroleum industry.

Usage

• The term is used as the official name of the specific entity. It is often referred to by its acronym, OPEC.
• It functions as a singular collective noun when referring to the organization as a single body making decisions or taking action.

Examples

• As a subject:

  • The Organization of Petroleum-Exporting Countries holds regular meetings to discuss production quotas.
  • OPEC plays a significant role in the global oil market.

• As an object:

  • Several countries are members of the Organization of Petroleum-Exporting Countries.
  • Analysts are watching the latest announcement from OPEC.

• Showing possession/association:

  • OPEC's decision influenced oil prices worldwide.
  • The Organization of Petroleum-Exporting Countries' headquarters are in Vienna.

Advanced Usage

• "OPEC+": A term used to refer to a broader coalition that includes OPEC member countries and other major oil-exporting nations, such as Russia.
  • The OPEC+ alliance agreed to further production cuts.

Variants and Related Words

• OPEC (acronym): The universally recognized abbreviation for the Organization of Petroleum-Exporting Countries.
  • The OPEC conference concluded yesterday.

Synonyms

• Cartel: An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition. (Note: This term carries a specific economic and sometimes negative connotation, whereas "OPEC" is its official name.)
• Oil producers' group: A descriptive, non-proper noun phrase.

Related Terms and Concepts

• Production quota: A limit set on the amount of oil a member country is allowed to produce, as agreed upon by OPEC.
• Ministerial Conference: The supreme authority of OPEC, consisting of delegations normally led by the ministers of petroleum, energy, or oil from member countries.
• Secretariat: The executive body of OPEC, responsible for implementing the resolutions of the Conference.

Noun

1. an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum