OPEC

OPEC or Organization of Petroleum Exporting Countries is a cartel.

Expanded Definition

OPEC is best known for its efforts to set the price of oil and to allocate share of the market among its member countries.

Member Countries

• Venezuela
• United Arab Emirates
• Saudi Arabia
• Libya
• Iraq
• Iran
• Gabon
• Nigeria
• Kuwait
• Quatar
• Indonesia
• Algeria
• Ecuador

Related Terms

• North Sea Brent crude
• West Texas Intermediate crude, aka WTI

Recent Mentions on Fool.com

• Oil Companies Want to Avoid Another Attack in Benghazi
• Iran Wants More Money From You
• How to Cash In on America's Oil Dominance
• Why Are OPEC Countries Abandoning Oil Consumption?
• U.S. Oil Imports Are Falling, But Reliance on These Countries Is Rising
• Pump Prices Predicted to Drop for 2nd Summer in a Row