About Organisation of the Petroleum Exporting Countries:
- 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.
- Objective: Its primary objective is to stabilize global oil markets and ensure fair prices for producers along with a steady supply for consumers.
- Member countries: Currently, it has 12 members, including Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates (Decided to quit from May 1 2026).
- Headquarters: Vienna, Austria.
- OPEC members collectively hold more than 75–80% of the world’s proven crude oil reserves.
- The organization produces around 35–40% of the world’s total crude oil supply.
- OPEC plays a crucial role in influencing global oil prices by adjusting production levels.
What is OPEC+?
- It is an extension of the 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.
