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What OpenID is for authentication is OAuth for authorization. So much for the probably over simplified intro.
The OAuth protocol is getting some momentum but is currently not so "big" as OpenID. Still, it's being mentioned more and more.
A use case scenario :OAuth is defined as a “an open protocol to allow secure API authentication in a simple and standard method”. Don’t be tempted to think that OAuth implies “open authentication”. It doesn’t. It is closer to “open authorization”. Let’s say you are registering as a delegate on a conference website. With OAuth it is possible for the conference website to automatically add the event to your google calendar or yahoo calendar with your consent (assuming google and yahoo support OAuth). How does it work ? Well, once you decide to let the conference website add an event to your google calendar, you get redirected to google. On google , you explicitly authorize the conference website to modify your calendar. After this authorization, the conference website will have permission to modify your calendar data.
More infohttp://portalzone.blogspot.com/2007/12/openid-oauth-complimentary-or-competing.html
http://oauth.net