OPEC

What Does OPEC Mean?

OPEC means "Organization of the Petroleum Exporting Countries."

The Organization of the Petroleum Exporting Countries (OPEC) is a group of 13 oil-exporting countries, mainly from the Middle East and North Africa. It was formed in 1960.

OPEC's stated objective is: "to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry."

OPEC is made up of two groups of members: "founder members" and "full members." The founder members are:
  • Iran.
  • Iraq.
  • Kuwait.
  • Saudi Arabia.
  • Venezuela.
The full members of OPEC are:
  • Algeria.
  • Angola.
  • Congo.
  • Equatorial Guinea.
  • Gabon.
  • Libya.
  • Nigeria.
  • The United Arab Emirates.
Ecuador, Indonesia and Qatar were all full members of OPEC at some time, but they left the organization.

OPEC nations produce about 30% of the world's crude oil. The biggest single oil producer within OPEC is Saudi Arabia.

In 2016, OPEC joined forces with 10 other oil producing countries to form OPEC+.

Image for OPEC

When I write OPEC, I mean this: meaning of OPEC OPEC is a group of 13 oil-exporting countries.

Summary of Key Points

"Organization of the Petroleum Exporting Countries" is the most common definition for OPEC on Snapchat, WhatsApp, Facebook, Twitter, Instagram, and TikTok.
OPEC
Definition:Organization of the Petroleum Exporting Countries
Type:Acronym
Guessability:
4: Difficult to guess
Typical Users:
Adults

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An Academic Look at OPEC

OPEC is classified as an acronym (i.e., an abbreviation spoken like a word).

Acronyms differ from initialism abbreviations, which are pronounced using their individual letters.

What Did We Say before Texting and Social Media?

The use of OPEC to mean "Organization of the Petroleum Exporting Countries" pre-dates the digital era.

Example of OPEC Used in a Text

OPEC

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