OPEC what is it? who are they? why are they in news?

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OPEC

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Organization of the petroleum exporting countries.

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MEMBER COUNTRIES

Algeria, Angola, Congo, Equatorial Guinea, Gabon. Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela 

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PURPOSE OF OPEC 

To set unify petroleum policies among the member countries.  To secure fair and stable price for petroleum products 

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WHY OPEC IS IN NEWS RECENTLY?

OPEC wants to cut production, which may raise oil prices. 

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WHERE IS OIL PRICE NOW?

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Oil prices fell from $120 to $90 just three months ago amid fears of a global recession & a strengthening dollar.

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HOW MUCH THEY WANT TO CUT? 

It is speculated that OPEC may cut production 1-2 Million barrels per day.

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WHAT IS THEIR CURRENT PRODUCTION?

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Their current production is around 38-40 Million barrels per day.

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WHY WORLD IS WORRIED?

Some of the countries are already suffering shortage of petroleum supply due to Russia-Ukraine war, this cut will further aggravate crisis & worsen their economy. 

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NOT GOOD FOR BIDEN!

The Democratic Party is gearing up for congressional election & before that gasoline price hike is not a good thing for them.

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