OPEC NATIONS - INTERNATIONAL RELATIONS
News: Angola quits OPEC amid dispute
over oil production quotas
What's in the news?
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Angola announced it’s leaving OPEC following 16 years of membership amid a dispute over oil production quotas, while the cartel tries to buoy
global prices.
Organization of the
Petroleum Exporting Countries (OPEC):
●
It is an intergovernmental organization established
at Baghdad Conference in 1960.
Founding Members – Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Other members – Algeria, Equatorial Guinea, Gabon, Libya, Nigeria, the Republic of the
Congo, and the United Arab Emirates.
Biggest Single Oil
Supplier – Saudi Arabia (more than 10
million barrels a day)
Headquarters – Vienna, Austria.
Key Objectives:
●
To coordinate
and unify petroleum policies among member countries.
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To secure
fair and stable prices for petroleum producers.
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To ensure efficient, economic, and regular supply
of petroleum to consuming nations.
Significance of OPEC:
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It possesses more than 80% of the world’s total
crude oil reserves.
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OPEC nations produce
about 30% of the world’s crude oil.