Crude oil falling prices impact fuel prices in India

The price of Brent crude has fallen under $63 per barrel from a high of $70 per barrel in early March on the back of growing fears about a fall in demand due to new travel restrictions to combat a resurgence in Covid-19 infections and increasing crude oil supply.

Daily Current Affairs Quiz 2021

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries. It was founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela).

Since 1965, it is headquartered in Vienna, Austria, although Austria is not an OPEC member state.

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.

A larger group called OPEC+ was formed in late 2016 to have more control on the global crude oil market.

The stated mission of the organization is to “coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets”.