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OPEC hopeful of Demand Recovery
Why is it in news?
- The Organisation of Petroleum Exporting Countries (OPEC) is hoping that lockdowns and curfews in some countries will not dent global energy demand.
More from RBI:
- There is a risk of a second or third wave of COVID-19 infections in western countries.
- However, OPEC is hoping that the demand will not dent during the fresh waves of infection in the second quarter of this year.
About OPEC:
- The Organization of the Petroleum Exporting Countries (OPEC) is a group of world’s major oil-exporting nations.
- OPEC was founded in 1960 at the Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- OPEC had 14 members, but Ecuador recently quit the group, leaving the group with 13 member nations.
- OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. Later it moved to Vienna, Austria in 1965.
Objectives of OPEC:
- To co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers.
- To provide member states with technical and economic aid.