What is OPEC+?

About OPEC+:

• It is a group of oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market.
• Origin: These nations came to an accord towards the end of 2016 “to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.”
• These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
• OPEC+ controls about 40% of global oil supplies and more than 80% of proven oil reserves. 
• At the core of this group are the members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
• Members: It comprises 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
• Formation: It was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries, namely the Islamic Republic of 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.
• Headquarters: Vienna, Austria.