Question: OPEC is an organization of … oil-exporting countries.
a) 10
b) 14
c) 12
c) 9
Ans: (b)
Related facts:
- On 29th September, 2016 Organization of the Petroleum Exporting Countries -OPEC reached a consensus to reduce oil production for the first time since 2008 after an informal meeting in Algiers, Algeria.
- It was decided that OPEC would reduce oil production to a range of 32.5 to 33.0 million bpd (barrels per day) from its current output at 33.24 million bpd.
- However the quantity of reduction by each country will be decided in OPEC’s next formal meeting scheduled in November 2016. In this meeting, Russia (non-OPEC member) will also be invited to join cuts in production.
- Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 14 nations, founded in 1960 in Baghdad. It is headquartered since 1965 in Vienna.
- As of July 2016, it has 14 members- Algeria, Angola, Libya, Nigeria and Gabon (from Africa); Indonesia, Iran, Iraq, Saudi Arabia (the de facto leader) Kuwait, Qatar, United Arab Emirates (from Asia); Ecuador and Venezuela (from Latin America)
- As of 2015, these 14 countries accounted for an estimated 43 percent of global oil production and 73 percent of the world’s “proven” oil reserves.
Reference:
http://www.thehindu.com/business/Industry/opec-agrees-on-modest-oil-production-curbs/article9163898.ece
http://www.reuters.com/article/us-opec-meeting-idUSKCN11Y18K