Petroleum Minister co chairs India OPEC Institutional Dialogue at Vienna

  • The Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan visited Vienna, Austria to co-chair the 2nd India-OPEC Institutional Dialogue at the OPEC headquarters.
  • The meeting took place two days prior to the OPEC Ministerial meeting that is scheduled from 25th May.
  • Pradhan held a one-to-one meeting with the Secretary General of OPEC Mr Mohammad Sanusi Barkindo.
  • It was agreed that India will host the next meeting during 2018.

Points to Remember 
  • Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations as of 2017, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, Venezuela), and headquartered since 1965 in Vienna.
  • As of 2015, the 13 countries accounted for an estimated 42 percent of global oil production and 73 percent of the world's "proven" oil reserves.
  • As of January 2017, OPEC's members are Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela, while Indonesia is a former member.
  • Mohammed Barkindo is the Secretary General of OPEC.
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