BNET Business Dictionary
Business Definition for: OPEC
- Organization of the Petroleum Exporting Countries: an international organization of 11 developing countries, each one largely reliant on oil revenues as its main source of income, that tries to ensure there is a balance between supply and demand by adjusting the members' oil output. OPEC's headquarters are in Vienna. The current members, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, meet at least twice a year to decide on output levels and discuss recent and anticipated oil market developments.
Wiktionary Definition for: OPEC
- #Organization of Petroleum Exporting Countries
Additional Resources
- OPEC makes deepest production cut ever
- ORAN, ALGERIA — OPEC oil ministers agreed on Wednesday to remove a record 2.2 million barrels per day from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel. The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to...
- News items 2009-08-07
- Russia Exploits OPEC Cuts, Tops Saudi Arabia in Oil Exports
- Russia's continued exploitation of OPEC's oil production cuts gives credo to the old Heinz slogan "the best things come to those who wait." Not too long ago, rhetoric from Russia gave the impression it was aligned with the Organization of Petroleum Exporting Countries in a mission to control oil...
- Blog posts 2009-09-08
- IRAN: OPEC TO RAISE PRODUCTION CEILING BY 500,000 BPD - OFFICIAL.
- According to "Tehran Times", OPEC is to add 500,000 bpd more to its production ceiling by end of this month, said an OPEC official. The OPEC Secretariat official said that officials of 11 OPEC members are negotiating a 500,000 bpd boost in According to "Tehran...
- Research articles 2005-09-06
- ALGERIA - OPEC Affairs.
- Khelil is the current OPEC president, a position he took at OPEC's ministerial conference in November 2000. Since late 2000 he has re-inforced the role of OPEC president. It was at his suggestion that OPEC's next ministerial meeting was held in Janu Khelil is the...
- Research articles 2001-02-19
- OPEC: Risk Remains, Oil Production Unchanged and a Word About Climate Change
- The Organization of Petroleum Exporting Countries will keep its oil production levels unchanged -- as expected --Â in large part to avoid destabilizing a fragile economic recovery. OPEC ministers from its 11 member countries gathered Sept. 9 and 10 for its 154th ordinary meeting in Vienna, Austria. OPEC...
- Blog posts 2009-09-10
- Crude oil prices remain weak as non-OPEC production grows.
- Crude oil prices are not expected to increase due to quota cheating by members of the OPEC and the growth in petroleum production in the North Sea and non-OPEC countries. OPEC concedes that decreasing its quotas is not enough to curtail overproduction of Crude oil prices are not expected to...
- Research articles 1996-01-01
- IRAN'S OPEC GOVERNOR REVEALS OUTLINE FOR UPCOMING MINISTERIAL MEETING
- According to "Tehran Times", Iran's OPEC governor, Hossein Kazempur Ardebili, stated that market situation, OPEC supply, situation of oil reserves, economic growth, modifying OPEC's production ceiling and possible revision of price range will beAccording to "Tehran Times", Iran's OPEC governor, Hossein Kazempur Ardebili, stated that market situation, OPEC supply, situation...
- Research articles 2004-06-02
- WORLD: OPEC REVIEWS OIL MARKET CONDITIONS.(OPEC chairman Abdullah Al-Attiyah says OPEC's ministers will review the oil market)(Brief Article)
- According to Al-Hayat newspaper (July 29, 2003), the Chairman of OPEC and the Qatari Energy and Industry Minister, Mr. Abdullah Al-Attiyah, stated that the OPEC ministers will review the oil market conditions during their urgent meeting tomorrow. ... According to Al-Hayat newspaper (July 29, 2003), the...
- Research articles 2003-07-31
- IRAN: IRAN'S OPEC GOVERNOR REVEALS OUTLINE FOR UPCOMING MINISTERIAL MEETING.
- According to "Tehran Times", Iran's OPEC governor, Hossein Kazempur Ardebili, stated that market situation, OPEC supply, situation of oil reserves, economic growth, modifying OPEC's production ceiling and possible revision of price range wi According to "Tehran Times", Iran's OPEC governor, Hossein Kazempur Ardebili, stated that...
- Research articles 2004-06-02
- ALGERIA - Review Of Major 2001 Developments In OPEC Countries.
- With its Energy and Mines Minister Chakib Khelil being OPEC's current president, Algeria is keen on getting oil prices to be defended through OPEC and non-OPEC production cuts during the first half of 2002. Low oil prices cause the value of Algeria' With its Energy...
- Research articles 2001-12-24
- EGYPT: CAIRO OPEC MINISTERS' CONFERENCE - END OF JUNE 2000.
- Al-Quds newspaper reports that OPEC announced in mid-May 2000 that the next OPEC Ministers' conference would be held in Cairo, at the end of June 2000. The newspaper notes that the ... Al-Quds newspaper reports that OPEC announced in mid-May 2000 that the next OPEC Ministers'...
- Research articles 2000-11-06
- RUSSIA: OPEC-MOSCOW OIL MEETING PLANNED FOR MARCH.(Organization for Petroleum Exporting Countries to meet with Russian officials over Russia's oil exports)(Brief Article)
- The Organization for Petroleum Exporting Countries OPEC will send a high-ranking delegation to Moscow in early March to lobby Russia to prolong a curb on its exports, Reuters reported. OPEC Secretary-General Ali Rodriguez and OPEC President Rilwanu The Organization for Petroleum Exporting Countries OPEC will send...
- Research articles 2002-02-27
- Could OPEC Extend Its Grasp to Oil Tanking?
- The Company: Overseas Shipholding Group, one of the largest oil tanker companies in the world The Filing: Schedule 13D filed with the SEC on July 10 The Finding: Bermuda-based Frontline, the leading oil tanker in vessels capable of carrying between 120,000 and 320,000 in deadweight tons,...
- Blog posts 2008-07-18
- Non-Opec Supply Growth Could Pinch Opec Next Year.
- Non-Opec supply will not only satisfy expected demand growth next year, but will take a bite into Opec's market share, says the International Energy Agency IEA in its first look at next year's oil balances. Non-Opec supply will not only satisfy expected demand growth...
- Research articles 2003-07-14
- OPEC adjusts its 2000 world demand forecast - Brief Article - Statistical Data Included
- Within two months of the original forecast, OPEC slashed its 2000 world demand forecast by 180,000 bopd, to 75.9 million bopd. OPEC'S secretariat revised the global demand estimate for 2001, to 77.33 million bopd, also a reduction of 180,000 from its previous forecast. However, the "OPEC balance of supply and...
- Research articles 2000-11-01
- Opec, Non-Opec Get Mixed Grades for Compliance So Far
- Opec, Non-Opec Get Mixed Grades for Compliance So Far Opec, Non-Opec Get Mixed Grades for Compliance So Far
- Research articles 2002-01-16
- Fourth-Quarter Surge in Non-Opec Supplies Compounds Opec
- Fourth-Quarter Surge in Non-Opec Supplies Compounds Opec Problems Fourth-Quarter Surge in Non-Opec Supplies Compounds Opec Problems
- Research articles 2002-10-23
- Opec, Non-Opec Launch Official Output Cuts in Skeptical
- Opec, Non-Opec Launch Official Output Cuts in Skeptical Market Opec, Non-Opec Launch Official Output Cuts in Skeptical Market
- Research articles 2002-01-03
- OPEC: CONTINUATION OF OIL PRODUCTION BY OPEC.
- Al-Watan newspaper quoted a spokesman for OPEC who announced in late June 2002 that the countries which are members of OPEC agreed to continue to produce their current quantities of oil during the third quarter of 2002 in an attempt to maintain the p Al-Watan newspaper...
- Research articles 2002-07-07
- IRAN: OPEC PLAN FOR OUTPUT CUT UNLIKELY - IRAN OPEC GOVERNOR.(Brief Article)
- According to "Tehran Times", chances that OPEC members decide to cut the oil production levels in their March 16 meeting in the central Iranian city of Isfahan are remote, Iran's OPEC governor Hossein Kazempur Ardebili said. Ardebili also r According to "Tehran Times", chances that OPEC...
- Research articles 2005-03-08
