ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The main functions of the Organization of the Petroleum Exporting Countries (OPEC) are to: Coordinate and unify the petroleum policies of its member countries in order to secure stable oil prices in international markets and ensure a steady income for member countries.

Detailed explanation-2: -The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Detailed explanation-3: -In 2016, OPEC formed an alliance with other oil-producing nations to create OPEC+. The 10 countries now in OPEC+ include Russia, Kazakhstan, Azerbaijan, Mexico, and Oman. The move to create OPEC+ was a response to falling crude oil prices partly caused by a huge increase in US shale oil production since 2011.

Detailed explanation-4: -OPEC sets production quotas for member countries at its discretion to ensure a balanced global oil market. Even though the oil cartel does not moderate the volume of condensate produced by its member countries, it regularly adjusts production quotas.

Detailed explanation-5: -The Organisation for Economic Co-operation and Development (OECD) is an international organisation that works to build better policies for better lives. Our goal is to shape policies that foster prosperity, equality, opportunity and well-being for all.