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With reference to Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:
1. It is a permanent intergovernmental organization of oil-exporting developing nations.
2. It is the outcome of the 1960 Riyad Conference.
3. Ecuador has recently withdrawn from the organisation.
4. OPEC+ countries include non-OPEC oil-producing countries.
Which of the statements given above are correct?
  • a)
    1, 2 and 3 only
  • b)
    2, 3 and 4 only
  • c)
    1, 3 and 4 only
  • d)
    1, 2, 3 and 4
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With reference to Organization of the Petroleum Exporting Countries (O...
In News: OPEC+ has agreed not to increase supply in April as they await a more substantial recovery in demand amid the COVID-19 pandemic. Crude prices rose after the announcement and are up 33% this year.
Statement 1 is correct: The Organization of the Petroleum Exporting Countries (OPEC) is a permanent group consisting of 14 of the world’s major oil-exporting nations.
Statement 2 is not correct: OPEC was founded in 1960 Baghdad Conference with Iran, Iraq, Kuwait, Saudi Arabia and Venezuela as founding members to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.
Statement 3 is correct: Ecuador has withdrawn its membership of OPEC. In January 2019, Qatar withdrew its membership from the organisation.
Statement 4 is correct: The OPEC plus countries are the non-OPEC countries which export crude oil. OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
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Most Upvoted Answer
With reference to Organization of the Petroleum Exporting Countries (O...
Organization of the Petroleum Exporting Countries (OPEC) is a significant intergovernmental organization in the world. Let's go through the given statements and check their correctness:

1. It is a permanent intergovernmental organization of oil-exporting developing nations.

The statement is correct. OPEC is a permanent intergovernmental organization of oil-exporting developing nations. It was established on 14 September 1960 in Baghdad, Iraq.

2. It is the outcome of the 1960 Riyad Conference.

The statement is incorrect. OPEC is the outcome of the 1960 Baghdad Conference, not the Riyad Conference.

3. Ecuador has recently withdrawn from the organization.

The statement is correct. Ecuador withdrew from OPEC in January 2020, citing financial issues.

4. OPEC countries include non-OPEC oil-producing countries.

The statement is incorrect. OPEC includes only oil-exporting developing nations that are its member countries. However, OPEC has collaborated with some non-OPEC oil-producing countries like Russia and Kazakhstan to regulate oil prices.

Therefore, the correct statements are 1, 3, and 4 only.
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With reference to Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:1. It is a permanent intergovernmental organization of oil-exporting developing nations.2. It is the outcome of the 1960 Riyad Conference.3. Ecuador has recently withdrawn from the organisation.4. OPEC+ countries include non-OPEC oil-producing countries.Which of the statements given above are correct?a)1, 2 and 3 onlyb)2, 3 and 4 onlyc)1, 3 and 4 onlyd)1, 2, 3 and 4Correct answer is option 'C'. Can you explain this answer?
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With reference to Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:1. It is a permanent intergovernmental organization of oil-exporting developing nations.2. It is the outcome of the 1960 Riyad Conference.3. Ecuador has recently withdrawn from the organisation.4. OPEC+ countries include non-OPEC oil-producing countries.Which of the statements given above are correct?a)1, 2 and 3 onlyb)2, 3 and 4 onlyc)1, 3 and 4 onlyd)1, 2, 3 and 4Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:1. It is a permanent intergovernmental organization of oil-exporting developing nations.2. It is the outcome of the 1960 Riyad Conference.3. Ecuador has recently withdrawn from the organisation.4. OPEC+ countries include non-OPEC oil-producing countries.Which of the statements given above are correct?a)1, 2 and 3 onlyb)2, 3 and 4 onlyc)1, 3 and 4 onlyd)1, 2, 3 and 4Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:1. It is a permanent intergovernmental organization of oil-exporting developing nations.2. It is the outcome of the 1960 Riyad Conference.3. Ecuador has recently withdrawn from the organisation.4. OPEC+ countries include non-OPEC oil-producing countries.Which of the statements given above are correct?a)1, 2 and 3 onlyb)2, 3 and 4 onlyc)1, 3 and 4 onlyd)1, 2, 3 and 4Correct answer is option 'C'. Can you explain this answer?.
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