OPEC+ Agrees to Maintain Steady Oil Output Amid Geopolitical Uncertainty

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OPEC+ Agrees to Maintain Steady Oil Output Amid Geopolitical Uncertainty

International
OPEC+ Agrees to Maintain Steady Oil Output Amid Geopolitical Uncertainty

OPEC+ agrees in principle to maintain steady oil output amid rising political tensions among key members and widening geopolitical uncertainty. The decision is taken by the OPEC+ alliance, which meets regularly to decide how much crude oil to sell on the world market.

OPEC+ and OPEC: 

Dimension Key Details
OPEC+ nature Major oil-exporting nations.
OPEC+ legal/organisational basis OPEC+ provides for an extension of the Organization of the Petroleum Exporting Countries formed in 2016.
OPEC+ composition22 oil-exporting countries.
OPEC+ mechanism OPEC+ authorises regular meetings to decide how much crude oil to sell on the world market.
OPEC+ members  12 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.
OPEC nature Permanent intergovernmental organization of oil-exporting countries.
OPEC established Established in 1960 by 5 founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
OPEC current members 12 members.
OPEC membership change Effective 1 January 2024.
OPEC headquarters Vienna, Austria.
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Q 1 / 7
With reference to OPEC+, consider the following statements:
  1. OPEC+ provides for an extension of the Organization of the Petroleum Exporting Countries formed in 2016.
  2. OPEC+ authorises regular meetings to decide how much crude oil to sell on the world market.
Which of the statements given above are correct?