Q. With reference to the Organization of the Petroleum Exporting Countries Plus (OPEC+), consider the following statements:
1.It is an alliance of oil-producing countries that aims to stabilize global oil prices by coordinating production levels among its members.
2.Iran is one of the member countries of OPEC+.
3.OPEC and OPEC+ are competing organizations.
How many of the statements given above are correct?
Explanation –
Statements 1 and 2 are correct. OPEC+ is an alliance formed by the Organization of the Petroleum Exporting Countries (OPEC) and 11 other non-OPEC oil-producing countries. The primary goal of OPEC+ is to stabilize global oil prices by coordinating production levels among its members to balance supply and demand in the oil market. Iran is a member of OPEC, and since OPEC+ includes both OPEC members and non-OPEC countries working together, Iran is indirectly part of OPEC+.
Statement 3 is incorrect. OPEC and OPEC+ are not competing organizations. OPEC is a group of 13 oil-producing countries, while OPEC+ includes these 13 countries plus 11 additional non-OPEC countries that collaborate to influence global oil prices. The two groups work together, especially under the OPEC+ framework, to stabilize the oil market and are not competitors.
Source: The Hindu
