Oil | MCQs

Explanation

The United States is the largest oil producer, followed closely by Saudi Arabia and Russia.

Canada is also a significant oil producer, with the majority of its production coming from the oil sands in Alberta.

United States: 18.60 mb/d

Saudi Arabia: 11.01 mb/d

Russia: 10.50 mb/d

Canada: 5.29 mb/d

Explanation

Top oil reserves country

1- Venezuela: 300.9 Gbbl.

2- Saudi Arabia: 266.5 Gbbl.

3- Canada: 169.7 Gbbl.

4- Iran: 158.4 Gbbl.

5- Iraq: 142.5 Gbbl.

6- Kuwait: 101.5 Gbbl.

7- UAE: 97.8 Gbbl.

8- Russia: 80 Gbbl.

NA23-7-2023

Explanation

Byco is the single largest oil refinery in Pakistan.

Byco has an installed capacity to process 155,000 barrels per day of crude oil 

Mouza Kund, District Lasbela, Hub Balochistan is a Byco refinery in Pakistan

while

Pak-Arab Oil Refinery is Pakistan's second-largest refinery

Reliance Jamnagar Refinery, India refinery is the world’s largest oil refinery.

Explanation

Explanation

Angola withdrew its membership from OPEC on January 1, 2024: 

Angola: Joined OPEC in 2007 and announced its withdrawal in 2023 

Other countries that have withdrawn from OPEC:

Qatar: Terminated its membership in January 2019 to focus on natural gas production 

Ecuador: Suspended its membership in 1992, reactivated it in 2007, and withdrew in 2020 

Indonesia: Suspended its membership in 2009, reactivated it in 2016, and suspended it again that year

Explanation

• The headquarter of OPEC is located in Vienna
• **
• OPEC stands for Organization of the Petroleum Exporting Countries.
•  It was founded on 14th September 1960 in Baghdad.
•  It consists of 15 member countries.

Explanation

As per the OPEC + deal, Azerbaijan is obligated to decrease its daily oil production by 131,000 barrels from August and December

Additional information 

Multiple OPEC+ countries have recently announced additional voluntary cuts to their oil production, including:

• Saudi Arabia: 1,000 barrels per day
• Iraq: 220 barrels per day
• United Arab Emirates: 163 barrels per day
• Kuwait: 135 barrels per day
• Kazakhstan: 82 barrels per day
• Algeria: 51 barrels per day
• Oman: 42 barrels per day 

These cuts are in addition to the voluntary cuts that were previously announced in April 2023 and extended until the end of 2024.

The total cut is 5.86 million barrels per day, or about 5.7% of global demand. 

OPEC+ members agreed to extend these cuts until the end of 2025

Explanation

The Organisation of the Petroleum Exporting Countries is an organisation enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximise profit.

Headquarters: Vienna, Austria

Founded: September 1960, Iraq

Founders: Juan Pablo Pérez Alfonzo, Abdullah Tariki

Explanation

Toot Oil Field was discovered in 1961 while commercial supply was started in 1967, located in Southwest of Islamabad.

Explanation

The search for oil in Pakistan started in 1868

when the first test hole was drilled at Kundal near Mianwali, and continues to the present day.