[Answer] What does "OPEC" stand for?

Step 1 : Introduction to the question "What does "OPEC" stand for?"

...1. Oil Production Economic Cooperative 2. Optimal Practices in Economics Coalition 3. Organization of the Petroleum Exporting Countries 4. Oversight Peer Economic Committee

Step 2 : Answer to the question "What does "OPEC" stand for?"

Organization of the Petroleum Exporting Countries - OPEC is an organization of the major oil-producing nations that coordinates petroleum policies, among other activities. Oil is a big business in the Middle East, and nations such as Saudi Arabia have long recognized that they shared certain interests with their fellow oil-producing countries. The Organization of the Petroleum Exporting Countries was established in 1960 in Baghdad, Iraq. Though not strictly limited to countries in the Middle East (Latin American, African, and Asian nations have also been members), OPEC's power is concentrated in that part of the world, and particularly in Saudi Arabia.:

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