Multiple Choice Questions on With reference to OPEC nations consider following statements The Organization has a total of 14 Memb........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

With reference to OPEC nations consider following statements The Organization has a total of 14 Memb...........

Economic Affairs Inflation
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    With reference to OPEC nations, consider following statements

    1. The Organization has a total of 14 Member Countries which produce about 44% of the world's oil and own over 73% of the world's oil reserves.
    2. Ecuador is also among one member of OPEC.
    3. Its headquarter is in Baghdad.

    Select the correct statement.

    1 only

    Correct Answer

    1&2 only

    Incorrect Answer

    3 only

    Incorrect Answer

    1&3 only

    Incorrect Answer
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    Explanation:
    • 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 Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.Its headquarter in Vienna,Austria.
    • Indonesiais a former member,Ecuador, and Qatar will no longer be the member of OPEC starting on 1 January 2019.
    • This means that, currently, the Organization has a total of 14 Member Countries which produce about 44% of the world's oil and own over 73% of the world's oil reserves.

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