Question

The main emphasis of OPEC (Organisation of the Petroleum Exporting Countries) is on which of the following?
1. The production of petroleum
2. Control over prices of petroleum
3. Both (a) and (b)
4. None of the above

Answer 1

Correct Answer - Option 3 : Both (a) and (b)

The correct answer is Both (a) and (b).

• Organization of the Petroleum Exporting Countries
  • It 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.
  • The mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.
  • It has a total of 13 Member Countries.
  • Headquarters - Vienna, Austria
  • Secretary General - Mohammed Barkindo
• The main emphasis of OPEC (Organisation of the Petroleum Exporting Countries) is the production of petroleum and Control over prices of petroleum.