Global Oil Crisis | OPEC & Policy Analysis
This page explains the role of OPEC, oil price control mechanisms and India’s policy response.
What is OPEC?
OPEC (Organization of the Petroleum Exporting Countries) is a group of major oil-producing nations that coordinate oil production policies.
- Controls oil production levels
- Influences global oil prices
- Protects member countries’ interests
Oil Price Control Mechanism
OPEC countries adjust production levels to influence oil prices.
- Lower production → Higher prices
- Higher production → Lower prices
India’s Policy Response
India is taking several steps to reduce the impact of oil price fluctuations.
- Strategic Petroleum Reserves (SPR)
- Promotion of renewable energy (solar, wind)
- Diversification of oil imports
Current Challenges
- Oil price volatility
- Geopolitical tensions
- Energy security concerns
MCQs
Q1. What is the main function of OPEC?
A) Education development
B) Oil production control
C) Health services
D) Sports management
Answer: B
Q2. What does SPR stand for?
A) Study Plan Resource
B) Strategic Petroleum Reserve
C) Sports Program Regulation
D) Social Policy Reform
Answer: B
Powered by Shaktimatha Learning
Understand Deeply – Achieve Better Results
No comments:
Post a Comment