Q. With reference to Organization of the Petroleum Exporting Countries (OPEC) consider the following statements:
1.It reviews the status of the international oil market and the forecasts for the future.
2.It’s headquarter is at Vienna, Austria.
Which of the statements given above is/are correct?
Answer: C
Notes:
One of the functions of OPEC is to review the status of the international oil market and the forecasts for the future in order to agree upon appropriate actions which will promote price stability in the oil market.
It initially had its headquarters in Geneva, Switzerland which was then moved to Vienna, Austria in 1965.
It accounts for an estimated 44 percent of global oil production and 81.5 percent of the world’s oil reserves.
