Organization of the Petroleum Exporting Countries (OPEC)

Angola withdraws from Organization of the Petroleum Exporting Countries (OPEC).

  • An intergovernmental Organization.
  • Established at Baghdad Conference in 1960
  • Founding Members – Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  • Other members – Algeria, Equatorial Guinea, Gabon, Libya, Nigeria, the Republic of the Congo, and the United Arab Emirates.
  • Key Objective –
    • To coordinate and unify petroleum policies among Member Countries
    • To secure fair and stable prices for petroleum producers.
    • To ensure efficient, economic, and regular supply of petroleum to consuming nations.
  • Headquarters – Vienna, Austria.
  • Biggest single oil supplier – Saudi Arabia (more than 10 million barrels a day)
  • Significance of OPEC –
    • It possesses more than 80% of the world’s total crude oil reserves.
    • OPEC nations produce about 30% of the world’s crude oil.

What is OPEC+?

  • OPEC+ – Includes OPEC member countries along with Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
  • OPEC+ represents around 40% of world oil production.

Source: Livemint


Previous Year Question

Consider the following countries:
1. Armenia
2. Azerbaijan
3. Croatia
4. Romania
5. Uzbekistan
Which of the above are members of the Organization of Turkic States?

[UPSC Civil Services Exam – 2022 Prelims]

(a) 1, 2 and 4
(b) 1 and 3
(c) 2 and 5
(d) 3, 4 and 5

Answer: (c)
Explanation:
The Organization of Turkic States, formerly called the Turkic Council or the Cooperation Council of Turkic Speaking States, is an international organization comprising prominent independent Turkic countries: Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan. Therefore, Armenia, Croatia, and Romania are not members of the Organisation of Turkic States.


Practice Question

How many of the following countries are not parts of Organization of the Petroleum Exporting Countries Plus (OPEC+)?

  1. India
  2. Russia
  3. Malaysia
  4. Australia
  5. South Sudan

Select the correct answer using the codes given below:

 
 
 
 

Question 1 of 1

Leave a Reply

Your email address will not be published. Required fields are marked *