Organization of the Petroleum Exporting Countries (OPEC) The UAE announced that it will leave the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, stripping the oil cartel of one of its largest producers and further weakening its leverage over global oil supplies and prices. About OPEC Organization of the Petroleum Exporting Countries is a permanent intergovernmental organization of oil-exporting nations It was established in 1960 by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela The organization currently has around 12 member countries, including Algeria, Nigeria, Libya, UAE, and others Angola exited the group on January 1, 2024 Headquarters is located in Vienna Current Facts The Government has reconstituted the NITI Aayog. Economist Ashok Kumar Lahiri has been appointed as the Vice Chairperson of the Aayog. He will replace the current Vice Chairman, Suman K. Bery. Part XV, Article 324- Superintendence, direction and control of elections to be vested in an Election Commission Part XV, Article 326- Elections to the House of the People and to the Legislative Assemblies of States to be on the basis of adult suffrage MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions). SHANTI Act are expected to facilitate greater participation of the private sector in scaling up the country’s nuclear energy capacity and achieve the 100-gigawatt nuclear energy target by 2047.
