What is OPEC Plus? - MAINS QUESTION - DAILY CURRENT AFFAIR QUESTIONS AND ANSWERS

Friday, November 13, 2020

What is OPEC Plus?

What is OPEC Plus (OPEC +)? 


Saudi Arabia recently reintroduced 'OPEC Plus' oil excavation agreements to balance the market. Followed by a rise in global crude oil prices has been seen. Which came to all time down due to the lockdown during the Covid 19 pandemic. 

About OPEC Plus:


This includes non-OPEC countries which export crude oil in this Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.

About OPEC:

The Organization of Petroleum Exporting Countries (OPEC) is a permanent, inter-governmental organization, formed on 10-14 September 1960 in a conference attended by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Currently it includes Iran, Iraq, Kuwait, United Arab Emirates (UAE), Saudi Arabia, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of Congo, Angola, Ecuador and Venezuela. 

OPEC Members in 2020

LIS OF MEMBER countries of OPEC 

Algeria
Angola
Equatorial Guinea
Gabon
Iran
Iraq
Kuwait
Ubya
Nigeria
Republic of congo
Saudi arabia
United Arab Emirates
Venezuela

Currently, the organization has 14 member countries. Initially until 5 years after OPEC came into existence, its headquarters was in Geneva (Switzerland), but in 1965 it was headquartered in Vienna, Austria.        Any country can become a member of OPEC who has sufficient quantities of oil, and will share the ideals of the organization. 


Aims and goals of OPEC

The aim of this organization is to secure fair and stable prices for petroleum producers,  an efficient, economical and regular supply of petroleum to the consumer nations. 

To promote coordination and integration of petroleum policies of member countries to ensure fair returns for those investing in the oil industry. 

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