Skip to main content

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. 

Comments

Popular posts from this blog

Current position of money market in Madhya Pradesh.

Money Market in Madhya Pradesh What is Money Market? The money market is a place where short term tenure obligations such as treasury bills, commercial paper / paper and bankers' approvals etc. are bought and sold. In finance, the currency market refers to the global financial market for borrowing and lending short-term debt. It provides short term cash / liquidity funding for the global financial system.  The money market consists of financial institutions and money or credit dealers, who either undertake borrowing or lending. Participants borrow or lend for a short period, usually up to thirteen months. Money market trading of short-term financial instruments is commonly called "paper". This is in contrast to the relatively long-term capital capital market, which is supplied by bonds and shares. There are banks in the money market and origin, which borrow and lend to each other using commercial paper, repurchase agreements and similar instruments. In fact, the money mar

What is 'Sanjha Chulha Yojna' of Madhya Pradesh?

Sanjha chulha Yojana of madhya pradesh Sanjha Chulha yojana was started to ensure food security to the families of Sahariya tribe in Morena district by Akash Tripathi (Collector Morena) by the state government, Sanjha Chulha was started in 29 villages in 3 blocks of Morena district. This Yojana was started on 1st November 2009. Under this scheme, free food was provided to the selected beneficiaries once daily. A card was issued under this arrangement from which this facility can be availed. Since kitchens were mainly used for cooking in India, this scheme was named as Sanjha Chulha. Funds for this scheme are arranged with Gram Panchayat, Red Cross and public support.  Under the Sanjha Chulha scheme, there is a provision of providing nutritious food to children of 6 months to 3 years (children and mothers also) in the anganwadis  Providing balanced diet. Some Important Points about this scheme The scheme will start from November 1 2009 Functionally will be started at every Anganwadi cen

The agro-based industries of Madhya Pradesh.

Madhya Pradesh is one of the four industrialized states of the country, an exceptionally rich natural resource and rich in manpower. Apart from being an agrarian state, it is also a state rich in forest wealth and mineral wealth, and industries have been established on the basis of these immense natural wealth. Although several industrial units and mineral and forest wealth have been snatched from the state due to the separation of Chhattisgarh, despite this Madhya Pradesh has managed to strengthen its industrial position, thanks to the untiring efforts made by the state government. Madhya Pradesh is an agrarian state whose economy is directly or indirectly dependent on agriculture. Indirectly, the raw material produced in agriculture is used for the operation of industries and industries are important pillars of the economy of the state. In this way, many industries have been established in Madhya Pradesh on the basis of agricultural crops like cotton, sugarcane, soybean, oilseeds, pu