Topics Covered: Important International institutions, agencies and fora, their structure, mandate.
What is the Opec+?
Context:
After news of a highly effective Pfizer vaccine against Covid-19 and Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market, Oil prices have jumped.
What is the Opec+?
Opec+ refers to the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017.
OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
What is OPEC?
- The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.
- OPEC is a permanent, intergovernmental organization.
- OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
- It is headquartered in Vienna, Austria.
- OPEC membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
InstaLinks:
Prelims Link:
- Founder members of OPEC.
- Top oil producers?
- India’s crude oil imports?
- Components and refining of crude oil.
- Crude oil storage facilities in India?
- Geographical location of OPEC members.
- Type of Crude oil produced by OPEC and non-OPEC members.
- What is OPEC+?
Mains Link:
How groups, such as OPEC, influence oil prices across the world? Discuss.
Sources: the Hindu.
