About OPEC+:
- It is the alliance of major oil-exporting nations.
- It is an extension of Organization of the Petroleum Exporting Countries formed in 2016.
- It consists of 22 oil-exporting countries which meet regularly to decide how much crude oil to sell on the world market.
- Members of OPEC+: It comprises 12 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.
- These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
Key Facts about Organization of the Petroleum Exporting Countries
- It is a permanent intergovernmental organization of oil-exporting countries.
- Origin: It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- Currently, it has 12 members, including Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates.
- Angola withdrew its membership effective 1 January 2024.
- Headquarters: Vienna, Austria.
