Consider the following about OPEC 1 OPEC is an intergovernmental organisation geared towards stabili...........

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Consider the following about OPEC:

1. OPEC is an intergovernmental organisation geared towards stabilisation of global oil prices.

2. Iran is not a member of OPEC

Select the correct option from below:

1 Only

2 Only

Both 1 and 2

Neither 1 nor 2

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Explanation:

OPEC’s mission 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 and a steady income to producers and a fair return to investors

Its members include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, UAE, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and Congo