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Crude oil prices, which have been firming up for the past few weeks on expectations of high demand and tightening supply, are at a nearly 10-month high.
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About OPEC
OPEC is a permanent intergovernmental organization of 13 oil-exporting developing nations, founded in 1960. |
Reasons For High Oil Prices
Impact Of HIgh Oil Prices
About OPEC+
OPEC+ is a larger group of major oil producing nations and includes members of the Organization of the Petroleum Exporting Countries (OPEC), along with Russia and a few other producers. OPEC+ produces around 40 percent of the world’s crude oil, with Saudi Arabia as the top producer and Russia in the second spot. |
Way Ahead: In short term, diversification from OPEC+ Countries (to Iran or Venezuela), whereas in Long term focus should be Renewable energy which enables transition to Green Economy.
Source: The Indian Express
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