QATAR WILL CEASE TO BE A MEMBER OF OPEC TODAY

Prelims level : “International institutions.” Mains level : GS-2 “Bilateral, regional and global groupings and agreements involving India and affecting India’s interest.”
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In News:

Context:

  • Qatar will cease to be a member of the Organisation of the Petroleum Exporting Countries today.
  • The country had sent an official notification to the OPEC expressing its wish to pull out and to focus on its liquefied natural gas production in December.

Background:

  • The decision came amid the ongoing diplomatic and economic blockade imposed on the country by its Persian Gulf neighbours and several Arab states. 
  • These countries accuse Doha of supporting terrorism and interfering in their internal affairs. Qatar has strongly refuted these allegations.

Organisation of the Petroleum Exporting Countries (OPEC):

  • OPEC is a permanent intergovernmental organization of 14 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries.
  • It was established at the Baghdad Conference on September 10–14, 1960.
  • OPEC Secretariat located in Vienna, Austria, it also functions as the Headquarters of the Organization.
  • The Secretariat was originally established in 1961 in Geneva, Switzerland. In April 1965 it was shifted to Vienna.
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