Qatar Leaves OPEC

Qatar — among the world’s smallest countries by area and the richest in terms of per capita gross national income ($128,000 or Rs 90 lakh, according to World Bank figures) — announced ON Dec 3, it was walking away from OPEC, a cartel of 15 countries that produce about 45% of the world’s oil and contain over 80% of its “proven” reserves.

OPEC

The Organization of the Petroleum Exporting Countries is an intergovernmental organisation of 14 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. As ....