OPEC and OPEC+ Countries

About OPEC

It is an intergovernmental organization of 13 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). HQ is in Vienna, Austria.
It aims to manage the supply of oil in an effort to set the price of oil in the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
The current OPEC members are the following:
1. South America: Venezuela (Ecuador left).
2. Africa: Nigeria, Algeria, Angola, Equatorial Guinea, Gabon, Libya, DRC Congo (joined in 2018).
3. Asia: Iran, Iraq, Kuwait, UAE, Saudi Arabia (the De facto leader).
4. Former OPEC members are Ecuador, Indonesia and Qatar.
OPEC membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
They have an estimated 44% of global oil production and 81.5% of the world's "proven" oil reserves. India sources about 86 % of crude oil, 75 % of natural gas and 95 % of LPG from OPEC member nations.
A larger group called OPEC+ was formed in late 2016 to have more control on global crude oil market. Due to the COVID-19 pandemic the demand for OPEC oil has fallen to a 30-year low in second quarter of 2020.

OPEC+

The non-OPEC countries which export crude oil along with the 14 OPECs are termed as OPEC plus countries.
OPEC plus countries = Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
India is not a member of OPEC + countries.
OPEC member countries produce about 40 percent of the world’s crude oil.
Equally important to global prices, OPEC’s oil exports represent about 60 percent of the total petroleum traded internationally.
Saudi and Russia, had three-year alliance of oil producers known as OPEC Plus — which now includes 11 OPEC members and 10 non-OPEC nations — that aims to shore up oil prices with production cuts.

Source: TH

Join Our Telegram

Oceanic Anoxic Event 1a and MASS EXTINCTION

Oceanic Anoxic Event 1a and MASS EXTINCTION

25 Dec, 24
SHARE

Oceanic Anoxic Event 1a from the Paris Basin (Environment) Paper-3 PMP OAE 1a refers to a period during the Cretaceous Period (145 million years ago and ended 66 million years ago) when Earth's oceans became depleted of oxygen, causing a significant disruption in marine life. Cause: The event is believed to have been

Viksit Panchayat Karmayogi (Good governance)

26 Dec, 24
SHARE

Viksit Panchayat Karmayogi (Good governance) Governance GS PAPER-2 PMP Dr. Jitendra Singh launched the ‘Viksit Panchayat Karmayogi’ initiative on Good Governance Day, celebrated to mark the 100th birth anniversary of former Prime Minister Atal Bihari Vajpayee. The initiative, which is part of the broader ‘Prashasan Gaon

Major programmes to control Air Pollution

23 Dec, 24
SHARE

Major programmes to control Air Pollution National Clean Air Programme? It was launched by the Ministry of Environment, Forests and Climate Change (MoEFCC) in January 2019. It is the first-ever effort in the country to frame a national framework for air quality management with a time-bound reduction target. The

Air pollution and Air quality Measures in India

21 Dec, 24
SHARE

Air pollution and Air quality Measures in India (Environment) GS Paper-3 P-M-P Air pollution may be defined as the presence of any solid, liquid or gaseous substance including noise and radioactive radiation in the atmosphere in such concentration that may be directly and/or indirectly injurious to humans or other l

Geopolitical Significance of Ports

20 Dec, 24
SHARE

Geopolitical Significance of Ports (IR) Act as geopolitical assets: Ports enhance the projection of strategic reach, which helps strengthen the country’s control over important sea and energy supply routes. E.g. Indian Navy’s staging base at Agalega Islands will enable marine patrols