Opec (Noun)
Meaning
An organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum.
Classification
Nouns denoting groupings of people or objects.
Examples
- The primary function of OPEC is to control and manage the export and price of crude oil around the world to keep supply and demand at acceptable levels.
- Due to this highly developed region with billions of known reserve reserves it helps major major portions oil consumers secure investments long decades some part OPEC.
- The five founding members of OPEC were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- However, with the successful restructuring of the oil market in the 1970s and establishment of OPEC the importance and world wide effect of what was begun in the Gulf region became manifest throughout the century.
- At London Conference Conference Conference the international cartel countries agreed on cutting was finally agreed had OPEC for a decrease for twenty 2020 years.