organization of petroleum-exporting countries Synonyms
No Synonyms and anytonyms found
organization of petroleum-exporting countries Meaning
organization of petroleum-exporting countries (n)
an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
organization of petroleum-exporting countries Sentence Examples
- The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 to coordinate and unify the petroleum policies of its member countries.
- OPEC's main objective is to ensure the stabilization of oil prices and the supply of oil to consumers.
- The organization currently has 13 member countries, including Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela.
- OPEC controls around 40% of the world's proven oil reserves and produces over a third of global oil production.
- The organization has played a significant role in determining the price of oil, influencing the global economy.
- OPEC's decisions on production levels and oil prices have a major impact on the economies of both oil-producing and oil-consuming countries.
- The organization has faced challenges in recent years, including geopolitical tensions and fluctuations in oil demand.
- OPEC has been criticized for its influence on oil prices and its potential to create market imbalances.
- Despite its challenges, OPEC remains an important player in the global oil industry and continues to coordinate the efforts of its member countries.
- The future of OPEC depends on various factors, including global energy trends, technological advancements, and geopolitical dynamics.
FAQs About the word organization of petroleum-exporting countries
an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum
No synonyms found.
No antonyms found.
The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 to coordinate and unify the petroleum policies of its member countries.
OPEC's main objective is to ensure the stabilization of oil prices and the supply of oil to consumers.
The organization currently has 13 member countries, including Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela.
OPEC controls around 40% of the world's proven oil reserves and produces over a third of global oil production.
