Organization Of Petroleum-exporting Countries (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 Organization of Petroleum-Exporting Countries was established to coordinate the production and sale of oil among its member countries.
- The Organization of Petroleum-Exporting Countries has played a significant role in shaping the global oil market since its inception in 1961.
- The Organization of Petroleum-Exporting Countries has 14 member countries, including Saudi Arabia, Iraq, and Venezuela, which are among the world's largest oil producers.
- The Organization of Petroleum-Exporting Countries sets production targets for its member countries to ensure a stable global oil supply and to influence oil prices.
- The Organization of Petroleum-Exporting Countries has been criticized for its perceived role in manipulating oil prices and for its lack of transparency in its decision-making processes.