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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
Assertion (A): OPEC has vested interest in India’s economic growth.
Reason (R): Devoid of necessary oil resources India strongly focuses on agriculture and industrial production.
Mention the member countries of BRICS.
Which economist was coined BRICS?
NDB gives priority to projects aimed at developing ______ sources.
The Contingent Reserve Arrangement (CRA) for providing protection against ______ pressures.
______ has always been known as a peace-loving country.
______ is an institution that help finance projects with low-interest loans.
______ doesn’t have enough oil reserves.
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 |
Mention the India’s relationship with OPEC.
