ForumIAS LATEST
- SFG FRC 2027 | Program starts from 19th Dec. 2026 | Admissions open for Entrance Test Click Here to know more →
- Prelims Test Series (PTS) for Prelims 2027 starts 11th Oct. 2026 Click Here to know more →
- [Pre-order] Ethics Redbook 3rd Edition: Delivery starts from 10th October onwards Click Here to Read More →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 11th Oct. Click Here to Read More →
News:Ecuador has decided to withdraw from 14-nation Organization of the Petroleum Exporting Countries (OPEC) from 1 January 2020.
Facts:
- Ecuador has taken this decision in the backdrop of internal fiscal problems.
- The country is attempting to increase its production of crude oil in a bid to raise more income.
- Further, Ecuador had also asked Opec for permission to produce oil above its quota but the OPEC has not responded to the request.
Additional information:
About OPEC:
- The Organization of the Petroleum Exporting Countries(OPEC) is a permanent, intergovernmental Organization.
- It was created at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.It has its headquarters in Vienna, Austria.
- OPEC aims to manage the supply of oil in an effort to set the price of oil on the world market and to avoid fluctuations that might affect the economies of both producing and purchasing countries.
- According to its statutes,OPEC membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
- The current OPEC members are: (a)Algeria (b)Angola (c)Ecuador (d)Equatorial Guinea (e)Gabon (f)Iran (g)Iraq (h)Kuwait, (I)Libya (j)Nigeria (k)the Republic of the Congo (l)Saudi Arabia (j)United Arab Emirates and (k)Venezuela.
