OPEC OUTPUT is a term used to refer to the total amount of OIL produced by the Organization of the Petroleum Exporting Countries (OPEC). The acronym OPEC OUTPUT stands for OIL (3 letters) and Barrels (4 letters). OPEC is an intergovernmental organization made up of 14 member countries that control the majority of the world's OIL production and reserves. OPEC's output is closely monitored by the global OIL market, as it has a significant impact on the price of OIL.