OPEC Full Form is Organization of Petroleum Exporting Countries
OPEC meaning is Organization of the Petroleum Exporting Countries. It is the organization of 13 member states who are not only producing oil or petroleum products but also exporting them to other countries. It was established in 1960 in Baghdad by the five countries like Iraq, Saudi Arabia, Kuwait, Venezuela, and Iran. Its headquarters is located in Vienna, Austria. Austria is not a member of this organization because it is not exporting the oil.
OPEC has major control over the oil prices in the crude oil market because all the major oil-producing countries are the members of this organization. The demand for OPEC oil is decreasing in the second quarter of 2020. This organization is the main source of information regarding the international oil market. The mission of this organization is to coordinate the countries regarding the formulation of policies about the oil production and export of oil.
OPEC has these member countries as the current members like Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates, and Venezuela. Kingdom of Saudi Arabia is the de facto leader of this organization. Three countries were the member of this organization but they left for some reasons these are Ecuador, Indonesia, and Qatar. Kingdom of Saudi Arabia also offered Brazil to join the OPEC organization but currently, they refused to join. Many countries are producing oil and gas but they are not a member of OPEC Russia is one of them.
Official Website: OPEC
OPEC Full Form is Ohio Prevention and Education Conference
OPEC stands for Ohio Prevention and Education Conference. It is a medical-related conference held in Ohio, United States of America. The purpose of this organization is to revitalize and restructure the existing capacity of Ohio’s prevention workforce. It is also working to enhance the delivery of evidence-based prevention strategies at the locations where people learn, work, live, and recreate.