Daily Current Affairs for UPSC Civil Services Exam – 04 May 2021

In Today’s News:

  1. Asian Development Bank meeting.
  2. OPEC share fell.

1. Asian Development Bank meeting

News Summary

Union Minister for Finance and Corporate Affairs and Asian Development Bank’s (ADB) Governor for India Smt. Nirmala Sitharaman participated in the Governor’s Seminar on “Cooperation for a Resilient Future”, held as part of ADB’s annual meeting 2021.

Prelims GS – International Organizations

  • The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
  • It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
  • Headquarters: Manila, Philippines.
  • ADB’s highest policy-making body is the Board of Governors, which comprises one representative from each member – 49 from the Asia and Pacific region and 19 from outside the region.
  • From 31 members at its establishment in 1966, ADB has grown to encompass 68 members—of which 49 are from within Asia and the Pacific and 19 outside.
  • India is a founding member of ADB since 1966.

Click here to know more about ADB on the official website.

2. OPEC share fell

News Summary

India’s oil imports shrank by 11.8 % and OPEC’s share slid down to the lowest in two decades in the year to the end of March.

Prelims GS – International Organizations

  • The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  • OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence.
  • This was moved to Vienna, Austria, on September 1, 1965, and it is the current headquarters.
  • Qatar terminated its membership on 1 January 2019.
  • OPEC’s objective is to coordinate 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.
  • OPEC’s 13 Member countries:
    • Algeria
    • Angola
    • Congo
    • Equatorial Guinea
    • Gabon
    • Iran
    • Iraq
    • Kuwait
    • Libya
    • Nigeria
    • Saudi Arabia
    • UAE
    • Venezuela
OPEC Fund:
  • The OPEC Fund for International Development is a multilateral development finance institution established in 1976.
  • Its 12 Member Countries are Algeria, Ecuador, Gabon, Indonesia, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.

Click here to know more about OPEC on the official website.




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