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Question

Q5. Which of the following countries are members of both Gulf Cooperation Council (GCC) and Organization of the Petroleum Exporting Countries (OPEC)?

1. Iran 2. Bahrain

3. Kuwait 4. Saudi Arabia

Select the correct answer using the code given below.


A

(a) Only 1, 3 and 4

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B

(b) Only 3 and 4

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C

(c) Only 2 and 4

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D

(d) Only 1, 2 and 3

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Solution

The correct option is B

(b) Only 3 and 4


GCC: Gulf Cooperation Council (GCC)is a political and economic alliance of six Middle Eastern countries -Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman. The GCC was established in Riyadh, Saudi Arabia, in May 1981. The purpose of the GCC is to achieve unity among its members based on their common objectives and their similar political and cultural identities, which are rooted in Islamic beliefs. Presidency of the council rotates annually.

OPEC: The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10 -14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.


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