DEFINITION of 'Organization Of Arab Petroleum Exporting Countries - OAPEC '
An inter-governmental organization based in Kuwait that seeks to foster cooperation among the 11 Arab oil-exporting nations that are its members, and develop their petroleum industry.
BREAKING DOWN 'Organization Of Arab Petroleum Exporting Countries - OAPEC '
OAPEC was established in 1968 by Kuwait, Libya and Saudi Arabia. Its other members include: Algeria, Bahrain, Egypt, Iraq, Qatar, Syria, Tunisia and the United Arab Emirates. Although they have several members in common, OAPEC is a separate and distinct entity from OPEC (the Organization of the Petroleum Exporting Countries), the 12-nation cartel that plays a pivotal part in determining global petroleum prices.