I.OPEC
- It is a permanent intergovernmental organization of oil-exporting countries.
- It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- Its headquarters is in Vienna, Austria.
- The member countries of the Organization of the Petroleum Exporting Countries (OPEC) are Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela
II.International Energy Agency
- The International Energy Agency (IEA) is an autonomous organisation that ensures reliable, affordable, clean energy.
- It was established in the wake of the 1973 (set up in 1974) oil crisis after the OPEC cartel had shocked the world with a steep increase in oil prices.
- It is headquartered in Paris, France
- India became an associate member of the International Energy Agency in 2017.
- It consists of 31 member countries and eleven association countries.
- Reports published by IEA are World Energy Outlook, World Energy Balances, Energy Technology Perspectives, World Energy Statistics and Net Zero by 2050.