OPEC Flashcards
1
Q
What is the Opec+?
A
alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017.
2
Q
Which are the countries considered as OPEC+?
A
Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
https://www.insightsonindia.com/wp-content/uploads/2020/11/OPEC-768x408.png
3
Q
What is OPEC?
A
- Organization of the Petroleum Exporting Countries (OPEC)
- founded in Baghdad
- September 1960 Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela
- permanent, intergovernmental organization
4
Q
What is OPEC’s objective?
A
- to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers;
- an efficient, economic and regular supply of petroleum to consuming nations;
- and a fair return on capital to those investing in the industry
5
Q
Headquarters?
A
Vienna, Austria
6
Q
What is the membership criteria?
A
open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
7
Q
About India’s crude oil exports?
A
- India is the world’s third-biggest oil importer.
- India imports about 84% of its oil
8
Q
Update
A
OPEC+ has agreed not to increase supply in April 2021 -> Indian prices already rising
