39. Consider the following statements related to Organization of the Petroleum Exporting Countries
i. According to current estimates, more than 80% of the world's proven crude oil reserves are located in OPEC Member Countries.
ii. Venezuela, Mexico, Russia , Iran are members of OPEC.
Which of the above statements is/are correct?
b) Only ii
a) Only i
a) Only i
Ans 39 A
Explanation: According to current estimates, more than 80% of the world's proven crude oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65% of the OPEC total.
OPEC Member Countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the industry, realizing intensive explorations and enhanced recoveries. As a result, OPEC's proven oil reserves currently stand at 1,213.43 billion barrels. As of January 2017, OPEC's members areAlgeria,Angola,Ecuador,Gabon,Iran,Iraq,Kuwait,Libya,Nigeria,Qatar,Saudi Arabia(the de facto leader),United Arab Emirates, and Venezuela