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Question
Mention OPEC missions and how does it help other countries?
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Solution
OPEC’S Mission:
- To coordinate oil policies in its member countries.
- Help stabilize oil markets.
- To secure fair and stable income to petroleum producers.
- An efficient, economic, and regular supply of oil to consuming nations.
- A fair return on capital to those investing in the petroleum industry.
How does OPEC help other countries?
- The OPEC, fund for International Development (OPID) is an institution that helps finance projects with low-interest loans.
- It also provides grants to social and humanitarian projects.
- OPEC has an information center with over 20,000 volumes including books reports, maps, and conferences, proceedings related to petroleum energy and the oil markets.
- The information center is open to the public and is often used by researchers and students.
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RELATED QUESTIONS
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Reason (R): Devoid of necessary oil resources India strongly focuses on agriculture and industrial production.
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Match the Column I with Column II.
| Column I | Column II | ||
| A | BRICS | (i) | grants to social and humanitarian project |
| B | OPEC | (ii) | protection against global liquidity pressure |
| C | OPID | (iii) | petroleum exporting countries |
| D | CRA | (iv) | To promote peace and stability |
| E | EAS | (v) | Jim O' Neill |
