With reference to Organization of the Petroleum Exporting Countries (OPEC) consider the following statements: 1. One of its objectives is to promote research and development in renewable energy sources. 2. It regulates oil production mainly through negotiating deals with oil-consuming nations. Select the correct statements using the codes given below: |ForumIAS

Q. With reference to Organization of the Petroleum Exporting Countries (OPEC) consider the following statements:
1.One of its objectives is to promote research and development in renewable energy sources.
2.It regulates oil production mainly through negotiating deals with oil-consuming nations.
Select the correct statements using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D

Notes:

Explanation –

Statements 1 and 2 are incorrect. Promoting research and development in renewable energy sources is not one of OPEC’s stated objectives. OPEC’s primary focus is on regulating oil production and stabilizing oil prices in the global market, and it does not have a specific mandate to promote renewable energy.

The main instrument for regulating oil production is setting individual quotas for each member country. This directly controls the amount of oil each country can produce, limiting the overall supply and influencing global oil prices.

Source: Forum IAS

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS