{"id":9472,"date":"2026-04-29T12:50:53","date_gmt":"2026-04-29T07:20:53","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=9472"},"modified":"2026-04-29T13:28:30","modified_gmt":"2026-04-29T07:58:30","slug":"organisation-of-the-petroleum-exporting-countries-opec","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/organisation-of-the-petroleum-exporting-countries-opec\/","title":{"rendered":"Organisation of the Petroleum Exporting Countries (OPEC)"},"content":{"rendered":"<h2><b>Organisation of the Petroleum Exporting Countries Latest News<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The United Arab Emirates has announced it will exit the Organisation of the Petroleum Exporting Countries and the broader OPEC+ alliance, with the decision taking effect from May 1, 2026.<\/span><\/p>\n<h2><b>About Organisation of the Petroleum Exporting Countries<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is a <\/span><b>permanent intergovernmental organization<\/b><span style=\"font-weight: 400;\"> of oil-exporting countries.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It was <\/span><b>established in 1960<\/b><span style=\"font-weight: 400;\"> by the five founding members <\/span><b><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/iran\/\" target=\"_blank\">Iran<\/a>, Iraq, Kuwait, Saudi Arabia, and <a href=\"https:\/\/vajiramandravi.com\/current-affairs\/venezuela\/\" target=\"_blank\">Venezuela<\/a>.\u00a0<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Objective:<\/b><span style=\"font-weight: 400;\"> Its primary objective is to <\/span><b>stabilize global oil markets<\/b><span style=\"font-weight: 400;\"> and ensure fair prices for producers along with a steady supply for consumers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Member countries:<\/b><span style=\"font-weight: 400;\"> Currently, it has <\/span><b>12 member<\/b><span style=\"font-weight: 400;\">s, including Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the<strong> United Arab Emirates (Decided to quit from May 1 2026).<\/strong><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Angola withdrew its membership effective 1 January 2024.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Headquarters:<\/b><span style=\"font-weight: 400;\"> Vienna, Austria.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">OPEC members collectively hold more than 75\u201380% of the world\u2019s proven crude oil reserves.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The organization produces around 35\u201340% of the world\u2019s total crude oil supply.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">OPEC plays a crucial role in influencing global oil prices by adjusting production levels.<\/span><\/li>\n<\/ul>\n<h3><b>What is OPEC+?<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is an <\/span><b>extension<\/b><span style=\"font-weight: 400;\"> of the Organization of the Petroleum Exporting Countries formed in 2016.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It consists of <\/span><b>22 oil-exporting countries<\/b><span style=\"font-weight: 400;\"> which meet regularly to decide how much crude oil to sell on the world market.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Members of <a href=\"https:\/\/vajiramandravi.com\/current-affairs\/opec-plus\/\" target=\"_blank\">OPEC+<\/a>:<\/b><span style=\"font-weight: 400;\"> It comprises 12 OPEC countries plus <strong><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/azerbaijan\/\" target=\"_blank\">Azerbaijan<\/a><\/strong>, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">These nations aim to work together on adjusting crude oil production to bring stability to the oil market.<\/span><\/li>\n<\/ul>\n<p><b>Source: <\/b><strong><a href=\"https:\/\/www.newsonair.gov.in\/uae-announces-exit-from-opec-decision-to-take-effect-from-may-1-2026\/\" target=\"_blank\" rel=\"nofollow noopener\">News On Air<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Organisation of the Petroleum Exporting Countries  is a permanent intergovernmental organization of oil-exporting countries. Read more about Organisation of the Petroleum Exporting Countries, Headquarter, Members, News.<\/p>\n","protected":false},"author":5,"featured_media":100788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[7211,21,22,23],"class_list":{"0":"post-9472","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-organisation-of-the-petroleum-exporting-countries","9":"tag-prelims-pointers","10":"tag-upsc-current-affairs","11":"tag-upsc-prelims-current-affairs","12":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=9472"}],"version-history":[{"count":5,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9472\/revisions"}],"predecessor-version":[{"id":100850,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9472\/revisions\/100850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/100788"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=9472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=9472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=9472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}