OPEC
Petroleum exporters' alliance
OPEC is the Organization of the Petroleum Exporting Countries, a cartel of oil-producing nations that coordinates production levels to influence global oil prices.
Founded in 1960, its members include Saudi Arabia, Iran, Iraq, and other major exporters.
OPEC announced production cuts to stabilize prices.
The organization's decisions ripple through global energy markets and economies.
Unpolished, raw state
- barrelsCylindrical storage vessels
- petroleumNatural underground hydrocarbon liquid
- hydrocarbonsCarbon-hydrogen organic compounds
- drillingHole-making by rotation
exploration · extraction · reserves · fields · rigs · platforms · refineries · pipelines
Fixed assigned amount
- price-fixingCoordinated artificial cost-setting
- market sharePercentage of sector sales
- spare capacityAvailable but uncommitted resources
- oil embargoBan on petroleum exports
Official prohibition on trade
- sanctionsPunitive international restrictions
- petrodollarsRevenue from crude sales
- energy securityAssured access to fuel
- sovereigntySupreme independent authority
petrostates · Gulf states · Middle East · Venezuela · Nigeria · Iran · Saudi Arabia · Iraq
Cost per barrel
- price shocksSudden drastic value changes
- inflationSustained price level increase
- recessionProlonged economic decline
- trade balanceExport-import surplus or deficit
oil revenues · fiscal policy · currency · boom-bust · oil dependency · market volatility · supply and demand · global markets
Countries within a union
- secretariatAdministrative office of organization
- founding membersOriginal creators of organization
- membershipState of belonging
- charterFounding organizational document
crude
Unpolished, raw state
- barrelsCylindrical storage vessels
- petroleumNatural underground hydrocarbon liquid
- hydrocarbonsCarbon-hydrogen organic compounds
drilling · exploration · extraction · reserves · fields · rigs · platforms · refineries · pipelines · tankers
quota
Fixed assigned amount
- price-fixingCoordinated artificial cost-setting
- market sharePercentage of sector sales
- spare capacityAvailable but uncommitted resources
oil embargo · collective action · market manipulation · pricing power
embargo
Official prohibition on trade
- sanctionsPunitive international restrictions
- petrodollarsRevenue from crude sales
- energy securityAssured access to fuel
sovereignty · petrostates · Gulf states · Middle East · Venezuela · Nigeria · Iran · Saudi Arabia · Iraq · Kuwait
oil prices
Cost per barrel
- price shocksSudden drastic value changes
- inflationSustained price level increase
- recessionProlonged economic decline
trade balance · oil revenues · fiscal policy · currency · boom-bust · oil dependency · market volatility · supply and demand · global markets
member states
Countries within a union
- secretariatAdministrative office of organization
- founding membersOriginal creators of organization
- membershipState of belonging
- Arab HistoryArab Spring, Arab League, Nasser, Gamal Abdel Nasser, Baath Party
- Energy Crisisoil shortage, gas shortage, fuel crisis, power outage, rolling blackout
- Middle East OrganizationsAramco, Etihad, Qatar Airways, Al Jazeera, Arab League
- oil tradeoil trade, petroleum, barrels, oil imports, oil exports
- Saudi ArabiaRiyadh, Mecca, Makkah, Medina, Madinah
- abbreviationsMr, Mrs, Ms, Dr, Jr
OPECfree market
Commerce without state intervention
competitive market · spot market · perfect competition · laissez-faire · open market
OPECOECD
International economic policy organization
Japan · South Korea · Western Europe · India · China