OPEC
noun
uk/ˈəʊpek/ us ECONOMICS, NATURAL RESOURCES
abbreviation for Organization of the Petroleum Exporting Countries: a group of oil-producing countries who have an agreement to control the amount of oil that each country can produce and sell:
Oil prices fell sharply after OPEC agreed to increase production.
Venezuela is able to sell three-quarters of its OPEC quota as refined products.
OPEC countries/members/leaders