The term CARTEL ACRONYM is composed of two acronyms, PEC and OPEC. PEC stands for the Pacific Economic Cooperation Council, which is an international organization that promotes economic cooperation between countries in the Asia-Pacific region. OPEC stands for the Organization of the Petroleum Exporting Countries, which is an intergovernmental organization of 14 oil-producing nations that works to coordinate and unify the petroleum policies of its member countries.