CURRENT AFFAIRS

Detailed explanation-1: -Nigeria’s Mohammad Barkindo had headed the Organization of the Petroleum Exporting Countries since 2016 and was scheduled to be replaced by Kuwait’s Haitham Al-Ghais next month. “This tragedy is a shock to the OPEC Family, ” Vienna-based OPEC tweeted.

Detailed explanation-2: -Haitham Al Ghais takes office as OPEC Secretary General 01 Aug 2022 | His Excellency Haitham Al Ghais of Kuwait today took office as Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) at the Organization’s Secretariat in Vienna, Austria.

Detailed explanation-3: -The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Detailed explanation-4: -OPEC’s original headquarters were located in Geneva, Switzerland, but were moved in 1965 to Vienna, Austria. As of 2022, OPEC has 13 member countries. Seven are located in Africa, five in the Middle East, and one in South America.

Detailed explanation-5: -However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional swing producer to balance the global market, it serves as “OPEC’s de facto leader".