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With reference to the Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:
1. It is an intergovernmental organization of 13 countries.
2. It was founded in 1960 in Riyadh.
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 'A'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Organization of the Petroleum Exporting Countrie...
Background:
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization consisting of 13 oil-exporting countries. It was founded in 1960 in Riyadh, Saudi Arabia. OPEC plays a significant role in global oil markets, as its member countries collectively account for a substantial portion of the world's oil production and reserves.
Explanation:
Both statements given in the question are correct. Let's analyze each statement in detail:
Statement 1: It is an intergovernmental organization of 13 countries.
This statement is correct. OPEC is an intergovernmental organization comprising of 13 member countries. These countries are Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela. These countries are primarily located in the Middle East, Africa, and South America. OPEC was founded with the objective of coordinating and unifying petroleum policies among its member countries to secure fair and stable prices for petroleum producers.
Statement 2: It was founded in 1960 in Riyadh.
This statement is also correct. OPEC was founded on September 14, 1960, in Baghdad, Iraq. The five founding members of OPEC were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. However, the organization's headquarters was later moved to Vienna, Austria, in 1965. The purpose of establishing OPEC was to counter the dominance of major oil companies and to gain control over oil prices and production.
Conclusion:
In conclusion, both statements given in the question are correct. OPEC is an intergovernmental organization consisting of 13 member countries, and it was founded in 1960 in Riyadh. OPEC plays a crucial role in global oil markets, influencing oil prices and production levels.
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization consisting of 13 oil-exporting countries. It was founded in 1960 in Riyadh, Saudi Arabia. OPEC plays a significant role in global oil markets, as its member countries collectively account for a substantial portion of the world's oil production and reserves.
Explanation:
Both statements given in the question are correct. Let's analyze each statement in detail:
Statement 1: It is an intergovernmental organization of 13 countries.
This statement is correct. OPEC is an intergovernmental organization comprising of 13 member countries. These countries are Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela. These countries are primarily located in the Middle East, Africa, and South America. OPEC was founded with the objective of coordinating and unifying petroleum policies among its member countries to secure fair and stable prices for petroleum producers.
Statement 2: It was founded in 1960 in Riyadh.
This statement is also correct. OPEC was founded on September 14, 1960, in Baghdad, Iraq. The five founding members of OPEC were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. However, the organization's headquarters was later moved to Vienna, Austria, in 1965. The purpose of establishing OPEC was to counter the dominance of major oil companies and to gain control over oil prices and production.
Conclusion:
In conclusion, both statements given in the question are correct. OPEC is an intergovernmental organization consisting of 13 member countries, and it was founded in 1960 in Riyadh. OPEC plays a crucial role in global oil markets, influencing oil prices and production levels.
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With reference to the Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:1. It is an intergovernmental organization of 13 countries.2. It was founded in 1960 in Riyadh.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 'A'. Can you explain this answer?
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