×

UPSC Courses

DNA banner

DAILY NEWS ANALYSIS

  • 30 June, 2021

  • 10 Min Read

OPEC and OPEC+ Countries

OPEC and OPEC+ Countries

About OPEC

  • It is an intergovernmental organization of 13 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). HQ is in Vienna, Austria.
  • It aims to manage the supply of oil in an effort to set the price of oil in the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
  • The current OPEC members are the following:
    1. South America: Venezuela (Ecuador left).
    2. Africa: Nigeria, Algeria, Angola, Equatorial Guinea, Gabon, Libya, DRC Congo (joined in 2018).
    3. Asia: Iran, Iraq, Kuwait, UAE, Saudi Arabia (the De facto leader).
    4. Former OPEC members are Ecuador, Indonesia and Qatar.
  • OPEC membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.
  • They have an estimated 44% of global oil production and 81.5% of the world's "proven" oil reserves. India sources about 86 % of crude oil, 75 % of natural gas and 95 % of LPG from OPEC member nations.
  • A larger group called OPEC+ was formed in late 2016 to have more control on global crude oil market. Due to the COVID-19 pandemic the demand for OPEC oil has fallen to a 30-year low in second quarter of 2020.

OPEC+

  • The non-OPEC countries which export crude oil along with the 14 OPECs are termed as OPEC plus countries.
  • OPEC plus countries = Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
  • India is not a member of OPEC + countries.
  • OPEC member countries produce about 40 percent of the world’s crude oil.
  • Equally important to global prices, OPEC’s oil exports represent about 60 percent of the total petroleum traded internationally.
  • Saudi and Russia, had three-year alliance of oil producers known as OPEC Plus — which now includes 11 OPEC members and 10 non-OPEC nations — that aims to shore up oil prices with production cuts.

Source: TH


Anti-Defection Law in India

The Supreme Court of India recently gave a final three-week deadline to the Telangana Assembly Speaker to decide pending disqualification petitions against defecting MLAs under the Anti-Defection Law. What is the Anti-Defection Law? The Anti-Defection Law was introduced through the 52nd Amendment (1985), which added the Tenth Schedule to the

Rat-Hole Mining

A major disaster unfolded in East Jaintia Hills, Meghalaya, when at least 18 workers died following an explosion in an illegally operating rat-hole coal mine. This incident highlights the continued prevalence of rat-hole mining despite bans imposed by the National Green Tribunal (NGT) and the Supreme Court of India. Rat-hole mining is driven

India’s Aviation Sector

India’s aviation sector has grown rapidly, becoming a major economic success story. However, regulatory oversight has not evolved at the same pace. Data-driven monitoring of fares and market behavior is essential to ensure fair competition, prevent market abuse, and shift from reactive crisis management to proactive regulation. Challen

Federalism in India

Recently, a high-level committee on Union–State relations submitted its first report to the Government of Tamil Nadu. The report examines the distribution of powers and responsibilities between the Union and the States, highlighting ongoing debates regarding the balance between central authority and state autonomy. This discussion is clos

India–UAE Economic Partnership

The relationship between India and the United Arab Emirates has evolved from a traditional energy-based partnership into a comprehensive economic and strategic relationship. Over the years, strong political trust, growing trade, and expanding investments have transformed bilateral ties into a diversified economic corridor. The economic partnership

DNA

22 Mar,2026

Toppers

Search By Date

Newsletter Subscription
SMS Alerts

Important Links

UPSC GS Mains Crash Course - RAW