OPEC Explained
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organisation of major oil-exporting nations, founded in 1960 and headquartered in Vienna.
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organisation of major oil-exporting nations, founded in 1960 and headquartered in Vienna.
Purpose
OPEC coordinates and unifies the petroleum policies of its members to stabilise oil markets and secure fair prices, giving it significant influence over global crude oil supply.
OPEC+ and India
'OPEC+' includes non-OPEC producers like Russia. As a large oil importer, India's economy is sensitive to OPEC production decisions and oil prices.
Why it matters for UPSC
OPEC's role in oil prices and its impact on India's import bill and inflation make it a recurring current-affairs and Economy topic.
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What is OPEC?
An intergovernmental organisation of major oil-exporting countries that coordinates petroleum policies.
What is OPEC+?
OPEC plus additional oil-producing countries such as Russia that coordinate on output.