Which of the following statements are correct regarding Organization of the Petroleum Exportin...........

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Which of the following statements are correct regarding Organization of the Petroleum Exporting Countries (OPEC)?

1. It was first established in Tehran in 1961.

2. Algeria and Angola are the member countries of this organisation.

Code

1 only

2 only

Both 1 and 2

None

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Explanation:

• The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing nations that was first established in Baghdad, Iraq, in 1961. OPEC is one of the most powerful international organizations in the world and was a major player in the shift towards state control over natural resources.
• Currently, the Organization has a total of 15 Member Countries. The current OPEC members are the following: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the Republic of the Congo, Saudi Arabia, United Arab Emirates, and Venezuela. From 1 January 2019 , Qatar will no longer a member of OPEC