Solution:
Russia expects to support an increase in oil production by OPEC+, of another 500,000 barrels per day (bpd) from February at next month’s summit of the leading global oil producers.
OPEC+ :
OPEC+ is a group of 24 oil-producing nations , made up of the 14 members of the Organization of Petroleum Exporting Countries (OPEC) ,and 10 other non-OPEC members, including Russia . Hence, Statement 2 is correct .
The Organization of the Petroleum Exporting Countries (OPEC) :
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization , created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela . Hence, Statement 1 is correct .
The five founding members were later joined by Qatar (1961) – terminated its membership in January 2019;
Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November2016;
Libya (1962);
United Arab Emirates (1967);
Algeria (1969);
Nigeria (1971);
Ecuador (1973) – suspended its membership in December 1992, reactivated it in October 2007, but decided to withdraw its membership effective 1 January 2020;
Angola (2007);
Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016;
Equatorial Guinea (2017); and Congo (2018).
OPEC had its headquarters in Geneva, Switzerland , in the first five years of its existence. This was moved to Vienna, Austria , on September 1,1965.
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
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