OPEC+
21.02.2025
OPEC+
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For Prelims: About OPEC+ , What is OPEC? |
Why in the news?
Recently, Brazil's government approved the country’s entry into OPEC+, the alliance of major oil-exporting nations.
About OPEC+:
- It is a group of 22 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market.
- These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
- Origin:These nations came to an accord towards the end of 2016 “to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.”
- At the core of this group are the 12 members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
- Members:It comprises 12 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.
What is OPEC?
- It is a permanent intergovernmental organization of oil-exporting countries.
- It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- Currently, it has 12 members, including Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria and the United Arab Emirates.
- Angola withdrew its membership effective 1 January 2024.
- Headquarters:Vienna, Austria.
Source: The Times of India
Consider the following statements regarding the OPEC+ :
Statement-I: It is a group of 22 oil-exporting countries that aim to work together on adjusting crude oil production to bring stability to the oil market.
Statement-II: It only consists of nations from the African continent as its members.
Which one of the following is correct in respect of the above statements?
A.Both Statement-I and Statement-II are correct, and Statement-II is the correct explanation for Statement-I.
B.Both Statement-I and Statement-II are correct, and Statement-II is not the correct explanation for Statement-I.
C.Statement-I is correct, but Statement-II is incorrect.
D.Statement-I is incorrect, but Statement-II is correct.
Answer C