OPEC meaning in Organizations ?

Answer:

What is Organization of Petroleum Exporting Countries mean?

The Organization of the Petroleum Exporting Countries (OPEC, OH-pek) is an intergovernmental organization or cartel of 13 countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has since 1965 been headquartered in Vienna, Austria, although Austria is not an OPEC member state. As of September 2018, the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.

The stated mission of the organization is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. The organization is also a significant provider of information about the international oil market.

The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela. Former OPEC members are Ecuador, Indonesia and Qatar. A larger group called OPEC+ was formed in late 2016 to have more control on the global crude oil market.

reference

Full Form	Category
Ohio Prevention and Education Conference	Associations
Organisation for Petroleum Exporting Countries	Banking
Organization of the Petroleum Exporting Countries	Business
Organisation of Petroleum Exporting Countries	Business
Oregon Parenting Education Collaborative	Community
Oil Profits Eat Consumers	General
Ongoing Petrol Energy Crisis	General
Office Of Petrol And Electricity Consumption	General
Ordinary People Expecting Change	General
Organization of People for Energy Conservation	General
Old People Eating Chicken	General
Old People Eat Cake	General
Obese Penguins Eating Cars	General
Overly Protective Egyptian Caskets	General
Only People Eat Cows	General
Open Patios Expect Chairs	General
Orange Pineapples Enter Contests	General
Organization of Preppies that Eat Cheese	General
Overflowing Porta-potties Excrete in China	General
OFI Private Equity Capital	General
Office of Programs for Exceptional Children	General
Office of Prevention, Education, and Control	Governmental
Oil and Petroleum Exporting Countries	Governmental
Office of Public and Employee Communications	Governmental
Organization of Petroleum Exporting Countries	Organizations
Oil Producing Exporting Countries	Regional
Organization for Petroleum Exporting Countries	Regional
Oil Producing and Exporting Countries	Regional