OpenID and OAuth are each HTTP-based protocols for authentication and/or authorization. Both are intended to allow users to perform actions without giving authentication credentials or blanket permissions to clients or third parties. While they are similar, and there are proposed standards to use them both together, they are separate protocols.
OpenID is intended for federated authentication. A client accepts an identity assertion from any provider (although clients are free to whitelist or blacklist providers).
OAuth is intended for delegated authorization. A client registers with a provider, which provides authorization tokens which it will accept to perform actions on the user's behalf.
OAuth is currently better suited for authorization, because further interactions after authentication are built into the protocol, but both protocols are evolving. OpenID and its extensions could be used for authorization, and OAuth can be used for authentication, which can be thought of as a no-op authorization.