What is ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC)?

The most famous cartel in the world, made up of 12 major producers of petroleum (constituting about 40% of global oil exports). It was created in 1960, to fix crude oil prices and set production quotas.

More On This Topic



Link to This Definition
Did you find this definition of ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary