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Consider the following statements with reference to the Organization of the Petroleum Exporting Countries (OPEC) :
1. It was created at the Yalta Conference in September 1960.
2. It ensures fair and stable prices for petroleum producers.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Consider the following statements with reference to the Organization o...
In News: Recently , OPEC+ decided to stick to its plan to gradually restore supply to the market.
Statement 1 is not correct: The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization. It was created at the Baghdad Conference in September 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Statement 2 is correct: It coordinates and unifies petroleum policies among member countries.It secures fair and stable prices for petroleum producers. It ensures an efficient, economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the industry.
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Consider the following statements with reference to the Organization of the Petroleum Exporting Countries (OPEC) :1. It was created at the Yalta Conference in September 1960.2. It ensures fair and stable prices for petroleum producers.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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