Recently, the Organization of the Petroleum Exporting Countries (OPEC+) has reached an agreement in principle to sustain steady oil output. This decision comes amid escalating political tensions among key member nations and a broadening geopolitical uncertainty.
OPEC+ is an alliance formed by major oil-exporting nations. This coalition is an extension of the original Organization of the Petroleum Exporting Countries, which was established in 2016. Currently, it consists of 22 oil-exporting countries that convene regularly to determine the volume of crude oil to be sold in the global market.
These nations collaborate to adjust crude oil production levels, aiming to stabilize the oil market.
OPEC is a permanent intergovernmental organization comprised of oil-exporting countries. It was founded in 1960 by five initial members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Presently, OPEC has 12 member countries, which include:
Notably, Angola has declared its withdrawal from the organization, effective January 1, 2024.
The headquarters of OPEC is located in Vienna, Austria, serving as the central point for its operations and decision-making processes.
Q1. What is OPEC+?
Answer: OPEC+ is an alliance of oil-exporting nations that includes OPEC members and other countries. It was formed to coordinate and manage oil production levels to stabilize the global oil market.
Q2. How many countries are in OPEC+?
Answer: OPEC+ consists of 22 countries, including 12 OPEC member nations and 10 additional oil-exporting nations that collaborate on production decisions.
Q3. Why is OPEC important?
Answer: OPEC plays a crucial role in regulating oil production and prices globally, influencing energy policies and economic stability in oil-dependent countries.
Q4. When was OPEC founded?
Answer: OPEC was founded in 1960 by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, to coordinate oil production policies among member states.
Q5. What is the significance of OPEC's headquarters in Vienna?
Answer: Vienna, Austria, serves as the headquarters for OPEC, where member countries convene to discuss and decide on oil production strategies and policies.
Question 1: What is the primary purpose of OPEC+?
A) To regulate global oil prices
B) To manage oil production levels
C) To increase oil exports
D) To collaborate on renewable energy
Correct Answer: B
Question 2: When was OPEC established?
A) 1950
B) 1960
C) 1970
D) 1980
Correct Answer: B
Question 3: How many member countries are currently in OPEC?
A) 10
B) 12
C) 15
D) 20
Correct Answer: B
Question 4: Which country recently withdrew from OPEC?
A) Iraq
B) Angola
C) Venezuela
D) Nigeria
Correct Answer: B
Question 5: Where is OPEC's headquarters located?
A) Geneva
B) Vienna
C) Paris
D) Berlin
Correct Answer: B
Question 6: What does OPEC+ aim to achieve?
A) Increase oil prices
B) Stabilize the oil market
C) Decrease production
D) Promote natural gas
Correct Answer: B
Question 7: Which of the following is NOT a member of OPEC?
A) Libya
B) Qatar
C) Nigeria
D) Algeria
Correct Answer: B
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