OPEC

/ˈəʊpek/ noun

Definition

› ECONOMICS, NATURAL RESOURCES abbreviation for Organization of the Petroleum Exporting Countries: a group of oil-producing countries who have an agreement to control the amount of oil that each country can produce and sell: Oil prices fell sharply after OPEC agreed to increase production. Venezuela is able to sell three-quarters of its OPEC quota as refined products. OPEC countries/members/leaders

(Definition of OPEC noun from the Cambridge Business English Dictionary © Cambridge University Press)

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