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Home→The Westburn Dictionary of Marketing→O→Organization of Petroleum Exporting Countries (OPEC)

Organization of Petroleum Exporting Countries (OPEC)

Definition:
An association of oil producing countries formed in 1960 to control supply for the benefit of its members. By raining prices in the early 1970s they precipitated the energy crisis which led to the development of many oil fields, including the North Sea, which previously had been uneconomic, as well as encouraging the development of energy saving devices, more efficient internal combustion engines etc. Members include: Algeria, Bahrain, Brunei, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Qatar, Saudi Arabia, Trinidad and Tobago, United Arab Emirates and Venezuela.

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].