Daily Current Affairs for UPSC Civil Services Exam – 26 December 2020

Daily Current Affairs for UPSC Civil Services Exam – 26 December 2020

In Today’s News:

  1. OPEC and OPEC+

1. OPEC and OPEC+

News Summary

Russia plans to support an increase in oil production by the OPEC+ group from February 2021.

Prelims GS – International Organisations

OPEC:
  • The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They were to become the Founder Members of the Organization.
  • Currently, 13 member countries are there in OPEC.
  • OPEC Secretariat: Vienna
  • India is not a member of OPEC.
  • Recently Qatar exited from OPEC in 2019.
Member countries of OPEC:
  1. Algeria
  2. Angola
  3. Congo
  4. Equatorial Guinea
  5. Gabon
  6. Iran
  7. Iraq
  8. Kuwait
  9. Libya
  10. Nigeria
  11. Saudi Arabia
  12. UAE
  13. Venezuela

Click here to know more about OPEC.

OPEC+:
  • OPEC+ refers to non-OPEC members which export crude oil.
  • Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan are the OPEC plus(OPEC+) countries.

 

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