With reference to the Organization of the Petroleum Exporting Countries Plus (OPEC+), consider the following statements: 1. The Declaration of Cooperation (DoC) serves as a framework for cooperation and coordination between OPEC and non-OPEC countries within OPEC+. 2. Canada is the observer state of OPEC+. 3. OPEC+ decisions can significantly influence global oil prices by coordinating supply cuts or increases. Which of the statements given above are correct? |ForumIAS

Q. With reference to the Organization of the Petroleum Exporting Countries Plus (OPEC+), consider the following statements:
1.The Declaration of Cooperation (DoC) serves as a framework for cooperation and coordination between OPEC and non-OPEC countries within OPEC+.
2.Canada is the observer state of OPEC+.
3.OPEC+ decisions can significantly influence global oil prices by coordinating supply cuts or increases.
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: D

Notes:

Explanation –

Statements 1, 2 and 3 are correct. The Declaration of Cooperation (DoC) was established to create a collaborative framework between OPEC and non-OPEC oil-producing countries. It aims to stabilize the global oil market through coordinated efforts and dialogue. Canada is an observer state of OPEC+. Other observer states include Egypt, Norway, and Oman. OPEC+ has a substantial impact on global oil prices. By coordinating production levels, OPEC+ can manage supply to influence oil prices, ensuring market stability and addressing economic fluctuations. The Organization of the Petroleum Exporting Countries and allies led by Russia is together known as OPEC+.

Source: The Hindu

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