1. OPEC - Noun
2. OPEC - Proper noun
an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
Source: WordNetAfter the oil price pulled back overnight following a contentious OPEC meeting that left production levels undecided, Cooper Energy lost 2.78 per cent to 35 cents and Woodside Petroleum dipped 0.76 per cent to $22. Source: Internet
"Although there is still the danger of demand outages in view of increased new cases of Covid-19, OPEC+ seems to have the market under control at the moment," Commerzbank analysts said in a note. Source: Internet
Also supporting oil prices are production cuts by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, a grouping known as OPEC+. Source: Internet
An escalation of tensions in the Middle East could disrupt the flow of crude and push oil prices further as both Iraq and Iran pumped more than 6.7 million barrels per day in December 2019, representing more than onefifth of total OPEC output. Source: Internet
A White House aide said Trump held a call with Russian President Vladimir Putin and King Salman of Saudi Arabia about the talks, after a US official said the OPEC+ move towards cuts sent an “important signal” to the market. Source: Internet
Analysts, including Mr. Bahree, say the country, the third-largest producer in OPEC after Saudi Arabia and Iraq, may be considering going its own way in oil matters. Source: Internet