Consider the following statements regarding the Organization of the Petroleum Exporting Countries (OPEC): 1. Recently, Brazil approved entry into OPEC+. 2. It is a permanent intergovernmental organization of more than twenty oil exporting developing nations. 3. It was created at the Baghdad Conference in 1960. How many of the above statement is/are correct?
Only two
Why in the News?
"Brazil Joins OPEC+: Strengthening Global Oil Market Cooperation”
Statement 1 is correct
Brazil recently decided to join OPEC+, a coalition of OPEC and non-OPEC oil-producing nations. This move strengthens its influence in global oil markets and aligns its policies with major producers to stabilize prices and manage oil output collectively.
Statement 2 is incorrect
OPEC consists of 12 oil-exporting developing nations, not more than twenty. The confusion arises because OPEC+ includes additional non-OPEC oil producers, expanding the alliance but not altering OPEC’s original membership count.
Statement 3 is correct
OPEC was established at the 1960 Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization aims to coordinate petroleum policies among member countries, ensuring fair pricing, market stability, and securing revenues for oil-producing nations.
Similar Questions
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1. Recently, Nigeria has been admitted as "partner country" of BRICS grouping.
2. It is the 15th BRICS partner country.
3. It represents about 40% of the global population.
Which of the above statements is/are correct?
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1. Recently, the Ministry of Youth Affairs and Sports has hosted the first-ever BIMSTEC Youth Summit in Gandhinagar, Gujarat.
2. Its goal is to strengthen youth collaboration across regions and facilitate exchange of youth-led initiatives among BIMSTEC Member Countries.
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1. Recently, Solvent Extractors’ Association of India urged the central government to regulate the surge of refined soybean and palm oil imports from Nepal citing ‘Rule of Origin’ norm’s violation.
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Which of the above statements is/are correct?
Consider the following statements with reference to South Asian Free Trade Area (SAFTA):
1. Recently, Solvent Extractors’ Association of India urged the central government to regulate the surge of refined soybean and palm oil imports from Nepal citing ‘Rule of Origin’ norm’s violation.
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Which of the above statements is/are correct?
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3. It is a specialized agency of the United Nations.
How many of the above statement is/are correct?
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1. Recently, Bangladesh has assumed its chairmanship.
2. It includes all the littoral states of the Bay of Bengal as full members.
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1. It was formed primarily to address economic disparities within the European Union.
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