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About OPEC Trade relationships with Saudi Arabia , Iran, UAE, Iraq, Kuwait and Indonesia Commodity Composition of Indias Trade with OPEC countries Future prospects for India References

Formed in 1960 by five countries Iran, Iraq, Kuwait, Saudi Arabia and Venezuela known as Founding members. Later joined by Qatar, Indonesia, Libya, UAE, Algeria, Nigeria, Ecuador, Gabon and Angola which are full members. Also include associate members. Account for nearly 81% of the total world crude oil reserves.

Angola , 0.8 Algeria , 1

OPEC Oil Reserves

Ecuador, 0.7

Qatar, 2.1

Nigeria, 3.1
Libya, 4

Venezuela United Arab Emirates, 8.1 Venezuela, 24.8 Saudi Arabia Iran Kuwait, 8.5 Iraq Kuwait United Arab Emirates Saudi Arabia, 22.1 Iraq, 11.7 Libya Nigeria Qatar Iran, 13.1 Algeria Angola Ecuador

4th largest trade partner of India Both countries enjoy friendly and cordial relationship reflecting the centuries old cultural, social and economic ties Total trade between the two countries was 43.19 billion USD in 2012-2013 Major portion of trade is crude oil Saudi Arabia is the source of 6.35 % of total imports for India

50,000.00 45,000.00 40,000.00 35,000.00 30,000.00 25,000.00 20,000.00 15,000.00 Imports from Saudi Arabia Exports to Saudi Arabia Total trade

10,000.00
5,000.00 0.00

India Iran relations have spanned several centuries marked by significant interactions Several agreements signed: air service agreement, MOU on cooperation for new and renewable energy etc Total trade:10.48 billion USD Indias exports to Iran include rice, machinery and equipments, tea, agro chemicals, rice, metals etc. Major import: crude oil

16000

14000

12000

10000 Indias exports to Iran Indias imports from Iran 6000 Total Trade

8000

4000

2000

Started with the barter system when countries exchanged goods for goods MOUs signed: aviation agreement(1975), cultural cooperation agreement(1985), double taxation avoidance agreement(1992) etc. Total Trade: 75 billion USD in 20122013 Exports to UAE: precious metals, stones, gems and jewellery, food items, textiles etc Indias major imports: petroleum and petroleum products, minerals, chemicals, wood and wood products.

80,000.00

70,000.00

60,000.00

50,000.00 EXPORT IMPORT 30,000.00 TOTAL TRADE

40,000.00

20,000.00

10,000.00

0.00 20122013

Develop diplomatic relationship at the embassy level just after independence Indias relations with Iraq suffered due to US sanctions on Iraq Joint ventures in petrochemical plants, oil exploration and fertilizer plants Major exporter of crude oil to India, supplying more than2,20,000 barrels of oil The trade between the two countries stood at 21 billion USD in year 2012-13

25000.0

20000.0

15000.0 Exports Imports 10000.0 Total Trade

5000.0

0.0

Signed many agreements that provide framework for development of trade relations India has consistently ranked among the top ten trading partners with Kuwait The total trade between the two countries was 17556 million USD in 2012 Relations are based on history, Geographic proximities, historic links, cultural similarities etc.

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 Indian Exports to Kuwait Indian Imports from Kuwait Total

Laid the foundation for afro-Asian relations and non alignment movement Great progress in security, political, commercial, defence and cultural fields Total trade in the tear 2012-13 has been 19.85 billion USD Indias exports : precious metals, Food items (cereals, milk, sugar, vegetables, sea food etc.), textiles etc. Indias major imports: petroleum and petroleum products, minerals, chemicals, wood and wood products.

25000.0

20000.0

15000.0 Exports Imports 10000.0 Total Trade

5000.0

0.0

Indian Exports(in Lakh Rs)

Libya Nigeria Venezuela Indonesia Iran Iraq Kuwait Angola Qatar Algeria Saudi Arabia UAE Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products Agricultural & allied products 18825.18 227406.7 1573.38 657453.7 1118321 228919.3 244985.2 84237.61 116467.9 135475.4 801404.1 1046711

Indian Imports (in Lakh Rs)

Venezuela
Manufactured goods Petroleum & crude products 120216.42 30.26

Indonesia
Manufactured goods Petroleum & crude products 1410986.86 784130.53

Iran
Agricultural & allied products Manufactured goods Petroleum & crude products 1118321.12 594877.11 20796.04 228919.26 378116.77

Iraq
Agricultural & allied products Manufactured goods

Saudi Arabia
Manufactured goods Petroleum & crude products 1634552.85 2788289.86

UAE
Manufactured goods Petroleum & crude products 14704581.87 3309499.58

Indian Imports (in Lakh Rs)

Venezuela
Manufactured goods Petroleum & crude products 120216.42 30.26

Indonesia
Manufactured goods Petroleum & crude products 1410986.86 784130.53

Iran
Agricultural & allied products Manufactured goods Petroleum & crude products 1118321.12 594877.11 20796.04 228919.26 378116.77

Iraq
Agricultural & allied products Manufactured goods

Saudi Arabia
Manufactured goods Petroleum & crude products 1634552.85 2788289.86

UAE
Manufactured goods Petroleum & crude products 14704581.87 3309499.58

"OPEC Statute" (PDF). Organization of the Petroleum Exporting Countries. 2008. p. 8. Retrieved 8 June 2011. "English shall be the official language of the Organization." "Our Mission". OPEC. Retrieved 16 February 2013. "Brief History". OPEC. Retrieved 16 February 2013. http://www.newsmax.com/Newsfront/opec-cartelillegal/2009/12/12/id/341497 "CHE | Responding to Crisis". Envhist.wisc.edu. April 26, 2010. Retrieved 2012-08-07. "OPEC Oil Embargo 19731974". U.S. Department of State, Office of the Historian. Retrieved August 30, 2012. Citino 2002, p. 4: "Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best price available from the major oil corporations."