Favourite staff all got up in gold, ready for OPEC? (11)

I believe the answer is:

petrodollar

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'ready for opec?' is the definition.
The definition suggests a singular noun which matches the answer.

'favourite staff all got up in gold' is the wordplay.
'favourite' becomes 'pet' (synonyms).
'staff' becomes 'rod' (both can mean a stick or cane).
'got up' is a reversal indicator.
'in' means one lot of letters goes inside another.
'gold' becomes 'or' ('or' is the heraldic name for gold).
'all' reversed gives 'lla'.
'lla' going within 'or' is 'ollar'.
'pet'+'rod'+'ollar'='PETRODOLLAR'

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I've seen this clue in The Times.

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