Consider the following statements regarding the OPEC grouping:
- OPEC mainly influences global oil markets through export quotas instead of production targets.
- The United Arab Emirates was the first country to withdraw from OPEC.
- OPEC membership has always been confined only to countries in Asia and Africa whereas the OPEC + group allows membership from other continents as well.
How many of the above statements is/are correct?
Correct answer: D
Explanation
OPEC steers markets through production targets and quotas, not export quotas, so statement 1 is reversed and wrong. The UAE wasn't the first to leave; Ecuador exited as far back as 1992, well before Indonesia, Qatar and the UAE's 2026 departure, so statement 2 is wrong. OPEC has never been confined to Asia and Africa, since founding member Venezuela and later Ecuador are in South America, so statement 3 is wrong too. None of the three are correct.