Where is the headquarters of OPEC located?

Question

Question

This question was previously asked in

NTPC CBT-I (Held On: 9 Jan 2021 Shift 1)

Answer 1

The correct answer is Vienna.

Key Points

The Organization of Petroleum Exporting Countries (OPEC) is a group of countries that export oil.
OPEC is a 13-country cartel or intergovernmental organization.
Founded on 14 September 1960 in Baghdad.
It was formed to coordinate the petroleum policies of its members and to provide member states with technical and economic aid
It was founded by its first five members namely, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
OPEC now has 13 members as of January 2020.
It has been headquartered in Vienna, Austria, since 1965.
- Even though Vienna is the headquarters of OPEC, Austria is not an OPEC member state.
OPEC's establishment signaled a shift toward national sovereignty over natural resources, and OPEC policies have come to dominate the global oil market and international relations.
A new member country must be approved by three-quarters of OPEC's current members, including all five of the founding members.
- Sudan formally made an application to join in October 2015, however it is still not a member.

Confusion Points

OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

Additional Information