type: "html5", Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020, Collins English Dictionary - Complete & Unabridged 2012 Digital Edition var mapping_rightslot = googletag.sizeMapping().addSize([746, 0], [[300, 250]]).addSize([0, 0], []).build(); As a result, many went below their break-even price of $65 a barrel. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, { bidder: 'ix', params: { siteId: '195451', size: [300, 50] }}, var mapping_btmslot_a = googletag.sizeMapping().addSize([746, 0], [[300, 250], 'fluid']).addSize([0, 0], [[300, 250], [320, 50], [300, 50], 'fluid']).build(); OPEC members hold 82% of the world's proven oil reserves. It would set production levels among all 24 members. 9 people chose this as the best definition of opec: Organization of Petroleum... See the dictionary meaning, pronunciation, and sentence examples. An example of OPEC members are Saudi Arabia, Iran and Iraq. googletag.pubads().setTargeting("cdo_ptl", "entry-lcp"); { bidder: 'openx', params: { unit: '539971065', delDomain: 'idm-d.openx.net' }}, iasLog("criterion : cdo_l = en"); bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776160', position: 'atf' }}, Organization of Petroleum Exporting Countries.

{ bidder: 'appnexus', params: { placementId: '19042093' }}, { bidder: 'sovrn', params: { tagid: '387232' }}, { bidder: 'sovrn', params: { tagid: '346688' }}, iasLog("criterion : cdo_ptl = entry-lcp"); var pbMobileHrSlots = [ googletag.cmd.push(function() { ga('set', 'dimension3', "default"); Create an account and sign in to access this FREE content. { bidder: 'openx', params: { unit: '539971063', delDomain: 'idm-d.openx.net' }}, They kept pumping oil, sending prices plummeting in 2014. What's the right price?

Amaze your friends with your new-found knowledge! For example, it replaced the oil lost during the Gulf Crisis in 1990. OPEC members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. { bidder: 'ix', params: { siteId: '194852', size: [300, 250] }}, }; googletag.cmd = googletag.cmd || []; The cartel toughed it out until many of the shale companies went bankrupt.

9 people chose this as the best definition of opec: Organization of Petroleum... See the dictionary meaning, pronunciation, and sentence examples. Allies would cut 400,000 bpd. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_leftslot' }}]}, 10 Types Of Nouns Used In The English Language, The Most Epic Words You’re Probably Neglecting. ga('set', 'dimension2', "entry"); }, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, 'cap': true Qatar's departure means the country is aligning itself more with the United States than with Saudi Arabia. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_HDX' }}, }, 'increment': 0.05, Saudi Arabia's flagship oil company, Aramco, can pump the oil at $2 to $20 a barrel. var dfpSlots = {};

6 Rich Countries That Own Most of the World's Oil, How the COVID-19 Pandemic Will Affect Oil Prices in 2020 and 2021, How to Predict Tomorrow's Gas Prices Today, The Pricing Differentials Between Brent Crude Oil and WTI.

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OPEC Basket: A weighted average of oil prices collected from various oil producing countries. }, tcData.listenerId); { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, {code: 'ad_leftslot', pubstack: { adUnitName: 'cdo_leftslot', adUnitPath: '/2863368/leftslot' }, mediaTypes: { banner: { sizes: [[120, 600], [160, 600]] } }, See more. { bidder: 'appnexus', params: { placementId: '11653860' }}, params: { "sign-up": "https://dictionary.cambridge.org/auth/signup?rid=READER_ID", All the latest wordy news, linguistic insights, offers and competitions every month. Its share fell because of a 16% increase in U.S. shale oil production. Its members are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, googletag.pubads().setTargeting("cdo_pc", "dictionary"); The five founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776156', position: 'atf' }},
{ bidder: 'sovrn', params: { tagid: '346693' }}, storage: { Houghton Mifflin Harcourt.

Download our English Dictionary apps - available for both iOS and Android. googletag.pubads().setTargeting("cdo_c", ["business_financial_industrial_technology", "people_society_religion"]); The cut came a year after OPEC had raised its production quota to 31.5 mbpd on December 4, 2015. { bidder: 'openx', params: { unit: '539971081', delDomain: 'idm-d.openx.net' }}, OPEC has been replaced by OPEC+, a loose organization of 24 oil producing nations -- led by Saudi Arabia and Russia -- that is redefining the cartel's role in global crude markets. { bidder: 'appnexus', params: { placementId: '11654208' }}, { bidder: 'openx', params: { unit: '539971081', delDomain: 'idm-d.openx.net' }}, OPEC members hold 82% of the world's proven oil reserves. Iran's break-even price is just over $50 a barrel. The nights certainly are drawing in, and indeed, half past two in the afternoon on Tuesday 22 September this year marks the autumn equinox, when day and night are exactly equal in length. bidderSequence: "fixed"

{ bidder: 'ix', params: { siteId: '195464', size: [160, 600] }}, OPEC has 13 active members. Since oil contracts are priced in dollars, the revenues of oil exporters fell when the dollar fell. 'increment': 0.01, dfpSlots['topslot_b'] = googletag.defineSlot('/2863368/topslot', [[728, 90]], 'ad_topslot_b').defineSizeMapping(mapping_topslot_b).setTargeting('sri', '0').setTargeting('vp', 'top').setTargeting('hp', 'center').setTargeting('ad_group', Adomik.randomAdGroup()).addService(googletag.pubads()); All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. Copyright © 2010 by

{ bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, OPEC, in full Organization of the Petroleum Exporting Countries, multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. { bidder: 'openx', params: { unit: '541042770', delDomain: 'idm-d.openx.net' }}, It gave Iraq its first quotas since the 1990s. On December 7, 2018, OPEC agreed to cut 1.2 million barrels per day. Where Are the World's Largest Oil Reserves? Our new online dictionaries for schools provide a safe and appropriate environment for children. Do you remember all the words from last week, September 21–27, 2020? { bidder: 'openx', params: { unit: '541042770', delDomain: 'idm-d.openx.net' }}, 'max': 36, dfpSlots['rightslot'] = googletag.defineSlot('/2863368/rightslot', [[300, 250]], 'ad_rightslot').defineSizeMapping(mapping_rightslot).setTargeting('sri', '0').setTargeting('vp', 'mid').setTargeting('hp', 'right').setTargeting('ad_group', Adomik.randomAdGroup()).addService(googletag.pubads());
{ { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot2' }},

{ bidder: 'appnexus', params: { placementId: '11654174' }}, },{ { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_Billboard' }}, { bidder: 'ix', params: { siteId: '195465', size: [300, 250] }}, If prices drop below that target, OPEC members agree to restrict supply to push prices higher. {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/2863368/btmslot' }, mediaTypes: { banner: { sizes: [[300, 250], [320, 50], [300, 50]] } }, or The word in the example sentence does not match the entry word. dfpSlots['btmslot_a'] = googletag.defineSlot('/2863368/btmslot', [[300, 250], 'fluid'], 'ad_btmslot_a').defineSizeMapping(mapping_btmslot_a).setTargeting('sri', '0').setTargeting('vp', 'btm').setTargeting('hp', 'center').setTargeting('ad_group', Adomik.randomAdGroup()).addService(googletag.pubads()); iasLog("criterion : cdo_t = technology"); Sure enough, once oil prices got closer to $100 a barrel, it became cost-effective for Canada to explore its shale oil fields. You can also find related words, phrases, and synonyms in the topics: Permanent, temporary, fulfilling and dead-end jobs: collocations for work (2), Clear explanations of natural written and spoken English. OPEC's decisions have a significant impact on future oil prices. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, var mapping_leftslot = googletag.sizeMapping().addSize([1063, 0], [[120, 600], [160, 600], [300, 600]]).addSize([963, 0], [[120, 600], [160, 600]]).addSize([0, 0], []).build();

In 2018, it exported 25 million barrels of crude oil a day. iasLog("exclusion label : lcp"); 'max': 30, { bidder: 'appnexus', params: { placementId: '11654208' }}, iasLog("criterion : cdo_tc = resp"); { bidder: 'openx', params: { unit: '539971065', delDomain: 'idm-d.openx.net' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, syncDelay: 3000 OPEC's decisions have a significant impact on future oil prices. googletag.pubads().setTargeting("cdo_t", "technology");

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