Context:
OPEC+ agreed to extend its deep oil output cuts into 2025.
OPEC+:
- Genesis – In 2016, OPEC signed an agreement with 10 other oil-producing countries, forming the OPEC+.
- Members – 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.
Organization of the Petroleum Exporting Countries (OPEC):
- Genesis – 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.
Source: Financial Times
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.
