What is the Organization of the Petroleum Exporting Countries(OPEC)

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Overview:

OPEC’s Secretary General urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”

About the Organization of the Petroleum Exporting Countries(OPEC):

  • What is it? It is a permanent intergovernmental organization of oil-exporting countries.
  • Mission of OPEC:
    • To coordinate and unify the petroleum policies of its Member Countries.
    • Ensure the stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations.
  • Formation: It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. 
  • Currently, it has 13 members, including Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates
  • Headquarters: Vienna, Austria.

 

What is OPEC+?

  • It is a group of oil exporters consisting of 23 member countries which meet regularly to decide how much crude oil to sell on the world market. 
  • It comprises 13 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

 


Q1) Which are the major oil exporters in the world?

As a region, the Middle East is the largest exporter of oil in the world, at approximately 14 million barrels per day in 2021.Approximately one-third of global oil production comes from the Middle East. Saudi Arabia alone accounts for more than 12 percent.Outside the Middle East, the U.S. and Russia are the leading exporting countries

Source: OPEC chief tells climate negotiators to 'look at the big picture'