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Glossary

Terms Starting With Letter O
  • Official Development Assistance

    This is the technical term for foreign aid, including both loans and grants. The Development Assistance Committee of the OECD (Organisation of Economic Cooperation and Development) defines what is allowed to count as aid, and gathers data on total aid flows, which it publishes on its website.

  • Oil majors

    This, in the oil industry and some media, is the term for describing the handful of very large oil companies engaged in all aspects of the industry, from exploration to selling refined products. Best known names are Chevron, ExxonMobil, Shell, Total and BP, but Brazil’s Petrobras, China’s Petrochina and CNOOC and Russia’s Lukoil and Gazprom are now operating in the same league.