What is OPEC+ ?

About OPEC+:

• It is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market.
• These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
• At the core of this group are the13 members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
• Members: It comprises 13 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

What is the Organization of the Petroleum Exporting Countries(OPEC):

• It is a permanent intergovernmental organization of oil-exporting countries.
• Mission:
  • To coordinate and unify the petroleum policies of its Member Countries.
  • Ensure the stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations.
• Formation: It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. 
• Currently, it has 13 members, including Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates
• Headquarters: Vienna, Austria.