QATAR WILL CEASE TO BE A MEMBER OF OPEC TODAY
02, Jan 2019
Prelims level : Mains level :
- 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.
- 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.