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Organisation of the Petroleum Exporting Countries (OPEC)

December 28, 2023
General Studies II Current Affairs, GS2 – International Relations (IR), GS2 – IR – Groupings

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Context (TH): Angola withdrew from the Organisation of the Petroleum Exporting Countries (OPEC).

OPEC is a permanent, intergovernmental organization established at the Baghdad Conference in 1960.
Founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Member countries: Algeria, Congo, Gabon, Equatorial Guinea, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, and Venezuela. Gabon rejoined OPEC in 2016.
Secretariat: Vienna, Austria.
Objective: 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.
It operates on the principle of unanimity, and one member, one vote.
Significance: 80% of the world’s proven crude oil reserves are located in OPEC Member Countries.
- India sources about 70% of crude oil, 60% of its Liquefied Petroleum Gas (LPG), and 30% of its liquefied natural gas (LNG), and 45% of petroleum products demand from OPEC.
OPEC Publication: World Oil Outlook

OPEC+

Also known as the Vienna Group, it was created in 2016.
It is a coalition of OPEC and 10 non-OPEC countries that export crude oil.
- Non-OPEC countries: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
These countries signed a Declaration of Cooperation undertaking a production adjustment to achieve lasting stability in the oil market in the interest of oil producers and consumers.

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