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Consider the following countries:
1. Iran
2. Ecuador
3. Qatar
4. Saudi Arabia
5. Venezuela
Which of the above are members of the Organisation of the Petroleum Exporting Countries (OPEC)?
  • a)
    1, 2, 3 and 4 only
  • b)
    3, 4 and 5 only
  • c)
    1, 2, 4 and 5 only
  • d)
    1, 2, 3 and 5 only 
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following countries:1. Iran2. Ecuador3. Qatar4. Saudi Ara...
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.
  • These countries were later joined by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and Congo. x Ecuador suspended and withdrew its membership in OPEC effective 1 January 2020. Indonesia suspended its membership in 2016. Gabon terminated its membership in January 1995. However, it rejoined the Organization in July 2016.
  • Qatar terminated its membership on 1 January 2019. Thus, Qatar is no longer a member of OPEC. So, currently, the Organization has a total of 13 member countries. Hence option (c ) is the correct answer.
  • The mission of the Organization of the Petroleum Exporting Countries (OPEC) 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 to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. 
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Consider the following countries:1. Iran2. Ecuador3. Qatar4. Saudi Arabia5. VenezuelaWhich of the above are members of the Organisation of the Petroleum Exporting Countries (OPEC)?a)1, 2, 3 and 4 onlyb)3, 4 and 5 onlyc)1, 2, 4 and 5 onlyd)1, 2, 3 and 5 onlyCorrect answer is option 'C'. Can you explain this answer?
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