Definition: OPEC  (scroll down for answer)       Definition: OPEC  Many of the members of OPEC are Middle Eastern countries. The Organization of Petroleum Exporting Countries is a very influential union of the biggest oil producing nations like Iran, Saudi Arabia, and Venezuela. They control the production of much of the world's crude oil supply. Therefore, they have great influence on the prices of oil and gasoline products worldwide. Click here for next flash card.      Back to eFlashcard headquarters