Railway, IBPS, UPSC, SSC, etc exams are full of questions based on current affairs. That's why it is very important for you to keep up with the current affairs of all the organizations around the world. In this article What is OPEC? Which are the OPEC countries, Will be found. information about OPEC's purpose etc.
Everyone must have heard about OPEC, but its discussion increased after the Corona epidemic, because OPEC is behind the rising daily prices of petrol and diesel. What is OPEC? This is a question asked under current affairs in all government exams.
What is OPEC?
The full form of OPEC is Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental organization of 13 major oil producing countries, which together produce about 40% of the world's crude. Internationally, OPEC oil exports represent about 60% of the total petroleum traded. OPEC ensures efficient, economic and regular supply of petroleum products for the use of various countries. The OPEC countries are Iran, Iraq, Kuwait, Libya, United Arab Emirates, Saudi Arabia, Algeria, Nigeria, Gabon, Angola, Equatorial Guinea, Venezuela and Congo.
When was OPEC established?
OPEC was established in 1960. The organization was founded at the Baghdad Conference on September 10–14, 1960. Its headquarter is located in Vienna. Iran, Iraq, Kuwait, Saudi Arabia and Venezuela were founding members of OPEC, which they still are. Together these countries had established OPEC, after which other oil producing countries went on joining the membership of this organization.
What is the purpose of OPEC?
The objective of this organization is to maintain fair and stable prices for OPEC petroleum products i.e. petrol and diesel. Created with the aim of unifying and coordinating petroleum policies among OPEC member states.
Which are the OPEC Countries? ,
There are currently 13 OPEC member states – Iran, Iraq, Kuwait, Libya, United Arab Emirates, Saudi Arabia, Algeria, Nigeria, Gabon, Angola, Equatorial Guinea, Venezuela and Congo. Iran, Iraq, Saudi Arabia, Kuwait and Venezuela are founding members of OPEC. This was followed by Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007) in OPEC. joined later.
Ecuador suspended its membership from December 1992 to October 2007. Gabon withdrew its membership in 1995. Indonesia terminated its membership in January 2009. In the same sequence, in the month of January 2019, Qatar also canceled its membership.
What are the parts of OPEC?
Seminar
It consists of delegations representing member countries. Conference delegations may consist of one or more delegates, as well as advisors.
Board of Governors
It is made up of governors nominated by OPEC member countries. Each member country of the organization participates in all meetings of the Board of Governors. However, two-thirds of the members are required to hold the meeting.
OPEC's Secretariat
OPEC's Secretariat is the executive organ of the organization, which works in accordance with the provisions of the law made with the consent of the members of OPEC. Whatever resolutions the convention passes, their implementation follows the decisions taken by the board of governors.
Petroleum production deal and oil price jump
By now you know what is OPEC? (What is OPEC in Hindi) Now you know why there are fluctuations in oil prices? The OPEC group entered into a two-year output pact in April 2020. In which there was talk of cutting crude oil production to deal with the fall in oil prices due to the Corona epidemic. In April 2020, the price of Brent crude oil fell to less than US $ 20 per barrel at an 18-year low. After this, the prices started increasing in November 2020 and reached US $ 76.5 per barrel in July 2021. Due to which again due to increasing activities, oil prices are seeing a jump day by day.
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