💥Mains Ready By December. Smash Mains & Smash PYQ Admissions Open
Talk to Mentor

Civilsdaily

Login

Type: IOCR

  • WEF released Future of Jobs Report, 2025

    Why in the News?

    According to the World Economic Forum’s (WEF) Future of Jobs Report 2025, global macro trends, including technological advancements, demographic shifts, and the green transition, will create 170 million new jobs by 2030.

    About the Future of Jobs Report, 2025

    • It is based on insights gathered from over 1,000 leading global companies, collectively representing 14 million workers across 22 industry sectors and 55 economies worldwide.
    • It provides critical insights into emerging and declining job roles, skills trends, and the overall impact of global changes on the labour market.

    What are the key findings of the report?

    • The report projects 170 million new jobs globally by 2030, with a net increase of 78 million jobs after accounting for 92 million displaced roles.
    • Fast-growing roles include AI and machine learning specialists, big data experts, FinTech engineers, and farmworkers, driven by technological advancements and the green transition.
    • Clerical jobs like data entry clerks and cashiers are declining due to automation.
    • Employers anticipate 39% of skills will change by 2030, with growing demand for AI proficiency, creative thinking, and resilience.
    • Businesses are focusing on reskilling, with 85% investing in upskilling programs.
    • Collaboration among governments, academia, and industries is vital to bridge the skills gap and align with future job demands.

    About World Economic Forum (WEF):

    • The WEF is an international NGO for Public-Private Cooperation.
    • It was established in January 1971 by German engineer and economist Klaus Schwab.
    • Important reports published by WEF include: Global Competitiveness Report, Global Risks Report, Global Gender Gap Report, Global Social Mobility Report, Energy Transition Index, and Travel & Tourism Competitiveness Report, among others.

     

    PYQ:

    [2019] The Global Competitiveness Report is published by the:

    (a) International Monetary Fund

    (b) United Nations Conference on Trade and Development

    (c) World Economic Forum

    (d) World Bank

  • What is Net-Zero Banking Alliance (NZBA)?

    Why in the News?

    Several major US banks have recently withdrawn from the Net-Zero Banking Alliance (NZBA), raising concerns about the banking sector’s commitment to combating climate change.

    What is Net-Zero Banking Alliance (NZBA)?

    • Established as a bank-led, UN-convened initiative, the NZBA commits members to align their lending, investment, and capital market activities with achieving net-zero greenhouse gas (GHG) emissions by 2050.
    • It is a part of the UNEP Financial Initiative’s Principles for Responsible Banking, serving as a climate accelerator.
    • NZBA retains 142 members from 44 countries, with 80 European banks representing the majority of the alliance’s $64 trillion in assets.
    • No Indian banks are signatory to this NZBA.
    • Structural Mandate:
      • Overseen by a Steering Group representing diverse geographies and business models.
      • Supported by the UNEP FI Secretariat and governed under documents updated in August 2023 and March 2024.
    • Commitments of Member Banks:
      • Transition operational and portfolio emissions to align with net-zero pathways.
      • Set 2030 targets (or sooner) within 18 months of joining and establish intermediate targets every five years.
      • Publish annual reports on absolute emissions and emissions intensity.

    What is the Net-Zero Greenhouse Gas (GHG) Emissions Target by 2050?

    • Net-zero greenhouse gas (GHG) emissions by 2050 refer to achieving a balance between the amount of GHGs emitted into the atmosphere and the amount removed or offset by natural or technological means.
    • This target is critical for limiting global warming to 1.5°C above pre-industrial levels, as outlined in the Paris Agreement.

    About the Glasgow Financial Alliance for Net Zero (GFANZ)

    • The GFANZ is a global coalition of leading financial institutions committed to accelerating the transition to a net-zero economy and achieving net-zero GHG emissions by 2050.
    • It was established in April 2021 in the lead-up to the COP26 climate summit in Glasgow.
    • Membership comprises over 550 financial institutions across 50 countries.
      • Includes banks, insurers, asset managers, and other financial players managing a combined $150 trillion in assets.
    • It is chaired by Mark Carney, former Governor of the Bank of England and current UN Special Envoy for Climate Action and Finance.
    • It is supported by global initiatives like the UN Race to Zero campaign and other financial alliances.

    PYQ:

    [2016] The term ‘Intended Nationally Determined Contributions’ is sometimes seen in the news in the context of:

    (a) Pledges made by the European countries to rehabilitate refugees from the war-affected Middle East.

    (b) Plan of action outlined by the countries of the world to combat climate change.

    (c) Capital contributed by the member countries in the establishment of the Asian Infrastructure Investment Bank.

    (d) Plan of action outlined by the countries of the world regarding Sustainable Development Goals.

  • FAO Statistical Yearbook, 2024

    Why in the News?

    The Food and Agriculture Organization (FAO) of the United Nations has released its 2024 Statistical Yearbook, providing a comprehensive analysis of global agrifood systems.

    Key Highlights from the Yearbook

    • Economic Dimensions of Agriculture:
      • Global agricultural value increased by 89% in real terms between 2000 and 2022, reaching $3.8 trillion.
      • The proportion of the global workforce employed in agriculture dropped from 40% in 2000 to 26% in 2022, reflecting economic diversification.
    • Food Security and Nutrition:
      • In 2023, between 713 and 757 million people were undernourished, with a midpoint estimate of 733 million, marking an increase of 152 million since 2019.
      • Obesity rates are rising, with over 25% of adults in the Americas, Europe, and Oceania classified as obese.
    • Crop and Meat Production:
      • Primary crop production grew by 56% from 2000 to 2022, reaching 9.6 billion tonnes, with staples like sugarcane, maize, wheat, and rice accounting for nearly half.
      • Meat production rose by 55%, with chicken surpassing pork as the most produced meat globally in 2022.
    • Agricultural Inputs:
      • Pesticide use increased by 70% from 2000 to 2022, with the Americas accounting for half of global usage.
      • Inorganic fertilizers reached 185 million tonnes in 2022, a 37% increase since 2000.
    • Environmental Pressures:
      • Greenhouse gas emissions from agrifood systems grew by 10% from 2000 to 2022, with livestock contributing 54% of farm-gate emissions.
      • Water scarcity is a critical issue in regions like the Near East and North Africa, with countries withdrawing up to 40 times their renewable freshwater resources annually.

    About Food and Agriculture Organization (FAO)

    • The FAO is a specialized agency of the United Nations focused on eradicating hunger, improving nutrition, and ensuring food security worldwide.
    • Established in 1945, the FAO is headquartered in Rome, Italy, and works in collaboration with member states, organizations, and communities.
    • Mandate and Goals:
      • Hunger Eradication: Reduce global hunger and malnutrition through sustainable agricultural practices.
      • Agrifood System Development: Support member states in developing resilient and sustainable food systems.
      • Data and Analysis: Provide accurate, timely, and high-quality statistical data for policymaking and monitoring.
    • Key Functions:
      • Research and Policy Recommendations: Conducts research to address pressing issues in agriculture and food systems.
      • Capacity Building: Supports countries with training and resources for sustainable agriculture.
      • Monitoring Global Trends: Publishes annual reports and statistical yearbooks to track trends and challenges in agrifood systems.

     

    PYQ:

    [2017] Consider the following statements:

    1. The Standard Mark of Bureau of Indian Standards (BIS) is mandatory for automotive tyres and tubes.

    2. AGMARK is a quality Certification Mark issued by the Food and Agriculture Organization (FAO).

    Which of the statements given above is/are correct?

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

  • US imposes sanctions on entities in Iran, Russia

    Why in the News?

    The United States has imposed sanctions on entities in Iran and Russia, accusing them of attempting to interfere in the 2024 US presidential election.

    Understanding Sanctions: Purpose, Application, and Impact

    • Sanctions are strategic tools used to influence behavior, deter aggression, and enforce compliance with international norms.
    • Sanctions are commonly used to address counterterrorism, human rights abuses, nuclear proliferation, and election interference.

    Types of Sanctions

    1. Comprehensive Sanctions: Broad measures against entire countries (e.g., U.S. embargo on Cuba).
    2. Targeted (Smart) Sanctions: Focused on specific individuals or entities (e.g., asset freezes, travel bans).
    3. Common Forms:
    • Trade restrictions and arms embargoes.
    • Asset freezes and capital restraints.
    • Travel bans and reductions in foreign aid.

    How sanctions work?

    • United States:
      • Managed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).
      • Targets include terrorism (e.g., al-Qaeda), nuclear programs (e.g., Iran), and election meddling (e.g., Russia).
      • Example: 2024 sanctions on Iranian and Russian entities for using AI to interfere in U.S. elections.
    • United Nations:
      • Imposed by the UN Security Council, requiring no veto from the five permanent members (U.S., UK, France, China, Russia).
      • Measures include asset freezes, travel bans, and arms embargoes.
      • Example: Sanctions on North Korea to curb its nuclear weapons program.

    Why are Sanctions Imposed?

    Sanctions aim to:

    • Coerce: Change policies or actions, such as dismantling nuclear programs.
    • Deter: Prevent future aggression or cyberattacks.
    • Punish: Impose costs for violating international norms.
    • Shame: Isolate violators diplomatically and economically.

    Impacts on Regional and Global Geopolitics

    • Economic Effects:
      • Sanctions can weaken economies, such as Iran’s reduction in oil exports or Russia’s challenges in energy markets.
      • However, some nations adapt; Russia’s economy grew by 3.6% in 2023, despite sanctions.
    • Shifting Alliances:
      • Targeted nations strengthen ties with others (e.g., Russia’s growing relations with China and Iran).
    • Trade Realignment:
      • EU sanctions on Russia accelerated Europe’s move to renewable energy sources.
    • Humanitarian Consequences:
      • Comprehensive sanctions can harm civilians, as seen in Iraq during the 1990s.

  • Marine Heatwave killed four million Alaska seabirds

    Why in the News?

    The 2014-2016 Pacific marine heatwave (MHW) killed over four million common murres (Uria aalge) (IUCN: Least Concerned) in Alaska. A study published in Science revealed that this event marked the largest recorded vertebrate die-off linked to warming oceans.

    About Marine Heat Waves (MHWs)

    Details
    What is it?
    • As per the National Oceanic and Atmospheric Administration (NOAA), prolonged periods of sea surface temperatures rising 3 to 4°C above average for at least five consecutive days.
    • IMD defines a marine heat wave (MHW) as a period when the sea’s temperature is above the 90th percentile(seasonally varying threshold) for at least 5 consecutive days.
    • Can last from weeks to years, depending on intensity and extent.
    • Frequency: Increasing in both occurrence and intensity due to climate change.
    • Identified as one of the most significant stressors on global marine ecosystems, causing large-scale disruptions.
    Key Observations on MHWs 2014-2016 Pacific MHW:

    • Caused the death of over 4 million common murres (Uria aalge) in Alaska, the largest vertebrate die-off linked to warming oceans.
    • Highlighted rapid and severe population declines in marine birds and a lack of ecosystem recovery even years later.
    • Increasing frequency and intensity are reshaping ecosystems, creating new survival challenges for marine species.
    • Evidence of shifts in marine environments, disrupting population dynamics.
    Impacts of MHWs On Ecosystems: 

    • Mass Mortality: Loss of habitat-forming species like kelps and corals, degrading ecosystems.
    • Trophic Cascades: Displacement of lower-trophic species and reduced ecosystem productivity.

    On Marine Species: 

    • Reduced breeding success and increased mortality.
    • Example: 2014–2016 Pacific MHW killed half the common murre population in Alaska.

    On Biodiversity: 

    • Loss of key predators disrupts food webs.
    • Threatened species face survival challenges due to limited adaptability.

     

    PYQ:

    [2020] With reference to Ocean Mean Temperature (OMT), which of the following statements is/are correct?

    1. OMT is measured up to a depth of 26ºC isotherm which is 129 meters in the south-western Indian Ocean during January-March.
    2. OMT collected during January-March can be used in assessing whether the amount of rainfall in monsoon will be less or more than a certain long term mean.

    Select the correct answer using the code given below:

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

  • UNGA adopts 10-Year Action Plan for Landlocked Developing Countries (LLDCs)

    Why in the News?

    The United Nations General Assembly (UNGA) adopted a 10-Year Action Plan for Landlocked Developing Countries (LLDCs), aiming to address their unique challenges.

    UNGA adopts 10-Year Action Plan for Landlocked Developing Countries (LLDCs)

    Key Targets of the 10-Year Action Plan for LLDCs (2024–2034):

    The Programme of Action for LLDCs aims to address their unique challenges through targeted actions across 5 priority areas:

    • Structural Transformation and Innovation:
      • Promote economic diversification and industrialization.
      • Advance science, technology, and innovation to enhance productivity and competitiveness.
    • Trade Facilitation and Regional Integration:
      • Simplify and enhance trade processes to improve access to global markets.
      • Strengthen participation in regional and global trade agreements.
      • Reduce trade costs through better policies and infrastructure.
    • Transit, Transport, and Connectivity:
      • Develop and modernize transit infrastructure, such as roads, railways, and ports.
      • Improve connectivity to reduce dependence on neighboring countries.
      • Enhance customs procedures to ensure smoother transit of goods.
    • Resilience to Climate Change and Disasters:
      • Build adaptive capacities to address vulnerabilities caused by climate change.
      • Develop strategies to reduce disaster risks and mitigate environmental challenges.
    • Means of Implementation:
      • Mobilize financial resources, technical assistance, and international support.
      • Foster partnerships among governments, international organizations, and private sectors.

    What Are Landlocked Developing Countries (LLDCs)?

    • LLDCs are nations that lack access to a coastline and are surrounded by neighboring countries.
    • Currently, there are 32 LLDCs, primarily in Africa, Asia, Europe, and South America.
    • List of LLDCs:
      1. Africa: Botswana, Burkina Faso, Burundi, Central African Republic, Chad, Eswatini, Ethiopia, Lesotho, Malawi, Mali, Niger, Rwanda, South Sudan, Uganda, Zambia, Zimbabwe.
      2. Asia: Afghanistan, Bhutan, Kazakhstan, Kyrgyzstan, Lao People’s Democratic Republic, Mongolia, Nepal, Tajikistan, Turkmenistan, Uzbekistan.
      3. Europe: Armenia, Azerbaijan, North Macedonia, Moldova, Serbia.
      4. South America: Bolivia, Paraguay.
    • Challenges Faced by LLDCs:
      • High Trade Costs: LLDCs face 1.4 times higher trade costs than coastal nations due to dependence on neighboring countries for transit and lengthy customs procedures.
      • Limited Market Access: Lack of direct access to global markets restricts their ability to compete internationally and increases transportation costs.
      • Infrastructure Deficits: Poor road, rail, and communication networks hinder connectivity and efficient trade operations.
      • Climate Vulnerability: LLDCs are highly susceptible to climate change impacts like droughts and floods, with limited resources to mitigate risks.
      • Economic and Political Dependence: Over-reliance on transit countries for trade routes leads to geopolitical challenges and limits economic diversification.

  • UNGA adopts milestone Cybercrime Treaty

    Why in the News?

    The United Nations General Assembly (UNGA) has adopted a legally binding treaty on cybercrime, marking the culmination of a five-year effort by Member States. This is the first international criminal justice treaty negotiated in over 20 years.

    About UN Convention against Cybercrime: Important Facts

    • The UN Convention against Cybercrime is a legally binding treaty adopted by the UN General Assembly in December 2024.
    • Its primary aim is to prevent and combat cybercrime, enhance international cooperation, and protect human rights in cyberspace.
    • The convention was finalized after five years of negotiations and unanimously adopted by all 193 UN member states.
    • A signing ceremony is scheduled for 2025 in Hanoi, Vietnam.
    • Key Provisions:
    1. Addressing Cybercrime:
      • Targets crimes like terrorism, human trafficking, financial fraud, drug smuggling, and data theft facilitated by ICT platforms.
    2. Victim-Centric Approach:
      • Focuses on protecting victims, particularly vulnerable groups, and ensuring they receive justice.
    3. International Cooperation:
      • Promotes evidence-sharing, joint investigations, and capacity-building among Member States.
    4. Safeguarding Human Rights:
      • Balances the need for cybersecurity with the protection of freedom of expression, privacy, and access to information.
    5. Adaptability:
      • Allows for additional protocols to address emerging cyber threats, ensuring the convention remains relevant.
    6. Capacity-Building:
      • Provides support to develop cybercrime legislation, build infrastructure, and enhance law enforcement capabilities in Member States.
    7. Public Awareness:
      • Encourages global education campaigns and proactive measures to prevent cyber offenses.

    Significance:

    • Landmark in International Law: Marks the first international criminal justice treaty in over 20 years, representing a global commitment to cybersecurity.
    • Strengthening Cybersecurity: Offers tools and mechanisms to mitigate ICT-enabled threats that undermine global security and economies.
    • Protecting Vulnerable Groups: Emphasizes justice and protection for marginalized communities affected by online crimes.
    • Economic and Social Benefits: Preserves global economies, promotes investment in cybersecurity infrastructure, and safeguards individuals.
    • Flexibility for Future Threats: Incorporates provisions for additional protocols to handle new challenges, such as AI-driven cyber threats.

    PYQ:

    [2022] What are the different elements of cyber security? Keeping in view the challenges in cyber security, examine the extent to which India has successfully developed a comprehensive National Cyber Security Strategy.

  • United Nations Disengagement Observer Force (UNDOF)

    Why in the News?

    UN Secretary-General paid tribute to Brigadier General Amitabh Jha of India, who died serving with the United Nations Disengagement Observer Force (UNDOF) in the Golan Heights.

    About United Nations Disengagement Observer Force (UNDOF)

    • The UNDOF is a peacekeeping mission established by the United Nations Security Council (UNSC) to oversee the implementation of a ceasefire agreement between Israel and Syria following the 1973 Yom Kippur War.
      • The Yom Kippur War (October 6-24, 1973) was fought between Egypt and Israel (in the Sinai) and Israel and Syria (in the Golan Heights).
    • It operates in the Golan Heights, a region of strategic importance and long-standing contention.
    • The UNSC formally established UNDOF under Resolution 350 to:
    1. Maintain the ceasefire.
    2. Supervise the disengagement of forces.
    3. Monitor the separation zones established by the agreement.
    • UNDOF became operational on June 6, 1974, with an initial deployment of approximately 1,200 personnel.
    • Its mandate is renewed every 6 months by the UNSC, emphasizing its ongoing role in maintaining stability.

    Structural Mandate and Functions

    UNDOF’s core responsibilities include:

    • Ceasefire Maintenance:
      • Monitor and ensure adherence to the ceasefire agreement between Israel and Syria.
    • Supervision of Disengagement:
      • Oversee the withdrawal of forces to their respective areas as per the 1974 Agreement on Disengagement.
    • Monitoring Areas of Separation and Limitation:
      • Area of Separation (AOS):
        • A demilitarized zone controlled by UNDOF, where no military activity is permitted.
        • Approx. 80 km long, ranging from 200 m to 8 km wide.
        • Marked by barrel lines for identification on the ground.
      • Areas of Limitation:
        • Zones on both Israeli and Syrian sides where the number of troops and types of weapons are restricted.

    Functions:

    • Observation and Reporting:
      • Monitor troop movements and ensure no violations of the agreement occur.
      • Regularly report to the UN Secretary-General and the UNSC on ground conditions.
    • Civilian Assistance: Facilitate the return of Syrian civilians to their homes in the AOS under the agreement.
    • Verification of Compliance: Conduct inspections to ensure adherence to restrictions in Areas of Limitation.
    • Confidence-Building Measures: Act as a neutral party to reduce tensions between Israel and Syria.
    • Liaison Services: Maintain open communication channels between Israeli and Syrian forces to prevent misunderstandings or escalation.

    PYQ:

    [2015] The area known as ‘Golan Heights’ sometimes appears in the news in the context of the events is related to:

    (a) Central Asia

    (b) Middle East

    (c) South-East Asia

    (d) Central Africa

  • Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)

    Why in the News?

    Delegates recently represented India at the 24th BIMSTEC Senior Officials’ Meeting (SOM) virtually hosted by Thailand.

    Key highlights of 24th BIMSTEC Senior Officials’ Meeting

    • The discussions focused on priority areas including sustainable development, regional connectivity, security, and people-to-people exchanges.
    • Several documents, such as Plans of Action for cooperation, new cooperation mechanisms, and collaboration with external partners, were finalized.
    • The meeting also discussed issues related to the upcoming 6th BIMSTEC Summit.

    About BIMSTEC 

    • The BIMSTEC is a regional organization with 7 member states: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
    • Established in 1997, its primary aim is to foster multifaceted technical and economic cooperation among the countries bordering the Bay of Bengal.
    • The region encompasses a population of around 1.5 billion and has a combined GDP of over USD 3.8 trillion.
    • Origin:
      • Founded in 1997 through the Bangkok Declaration, the organization initially included four member nations under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
      • Later in 1997, Myanmar joined, prompting a renaming to BIMST-EC.
      • Nepal and Bhutan were admitted in 2004, leading to the current name: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
    • Key Features  
      • Establishes BIMSTEC as a legal entity, enabling it to engage more formally with other international organizations.
      • Outlines objectives focused on building trust and friendly relations among member states and promoting economic development and social progress in the Bay of Bengal region.
      • Defines a clear framework for regular meetings at various levels: the Summit, Ministerial, and Senior Officials’ levels.
      • Allows for the possibility of new members and observer states, ensuring future growth and broader cooperation.
      • Streamlines cooperation into 7 sectors, each led by one member state:
        • Bangladesh: Trade, investment, and development
        • Bhutan: Environment and climate change
        • India: Security (including energy)
        • Myanmar: Agriculture and food security
        • Nepal: People-to-people contacts
        • Sri Lanka: Science, technology, and innovation
        • Thailand: Connectivity

    Significance of BIMSTEC for Indo-Pacific Goals  

    • Maritime Connectivity: BIMSTEC unites Bay of Bengal states, strengthening maritime ties that are crucial for an open and inclusive Indo-Pacific.
    • Regional Bridge: It links South Asia and Southeast Asia, aligning closely with India’s “Act East” policy and fostering broader Indo-Pacific integration.
    • Security Cooperation: Focus on collaborative efforts in maritime security (e.g., counter-piracy, disaster management) supports a stable and secure Indo-Pacific.
    • Economic Integration: By promoting trade, investment, and infrastructure development, BIMSTEC bolsters economic growth and connectivity in the Indo-Pacific region.
    • Synergy with Other Frameworks: Its emphasis on connectivity, security, and economic cooperation complements initiatives such as ASEAN and the Indian Ocean Rim Association, collectively advancing Indo-Pacific objectives.

    PYQ:

    [2022] Do you think that BIMSTEC is a parallel organisation like the SAARC? What are the similarities and dissimilarities between the two? How are Indian foreign policy objectives realized by forming this new organisation?

  • What is OPEC+?

    Why in the News?

    • With Donald Trump potentially returning to the White House, OPEC+ delegates express concern over higher US oil production.
      • His administration’s focus on deregulating the energy sector could lead to increased oil output, contributing to a further erosion of OPEC+’s market share.

    About ‘Organization of the Petroleum Exporting Countries’ Plus (OPEC+)

    What is OPEC+? Formation and Purpose:

    • OPEC+ is a coalition of OPEC members and non-OPEC oil-producing nations that work together to manage oil production and stabilize global oil prices.
    • The alliance was formed in 2016 in response to increasing oil production in the United States, particularly from shale oil, which led to falling oil prices.

    OPEC Members:

    • OPEC was founded in 1960 and includes 12 member countries:
      Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates (UAE), Venezuela.

    Non-OPEC Members in OPEC+:

    • OPEC+ includes 10 non-OPEC members:
      Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, Sudan.

    Global Influence:

    OPEC+ countries together produce approximately 40% of the world’s crude oil and control about 80% of the world’s proven oil reserves.
    Factors are influencing OPEC+’s oil production cuts
    • Rising US oil production: The shale boom in the US has increased its market share, impacting OPEC+’s influence.
    • Global price stability: OPEC+ implements production cuts to prevent oil prices from falling too low.
    • Weak global demand: Extended cuts due to low demand, especially in major economies.
    Implications of OPEC+’s policies
    • Reduced market share: OPEC+’s global oil share dropped from 55% in 2016 to 48% in 2024.
    • Price volatility: OPEC+’s production cuts aim to stabilize prices, but increasing US production affects this goal.
    • Economic stability: Production cuts help sustain favorable prices for oil-producing economies.

     

    PYQ:

    [2009] Other than Venezuela, which one among the following from South America is a member of OPEC?

    (a) Argentina
    (b) Bolivia
    (c) Ecuador
    (d) Brazil