OPEC+

Why in the News?

Recently, the Organization of the Petroleum Exporting Countries Plus (OPEC+) decided to cut oil production by 2 million barrels per day.   

• It could pave the way for higher prices for crude, and for diesel fuel, gasoline and heating oil that is produced from oil.

Key Points:

OPEC+

• OPEC+ is a loosely affiliated entity consisting of 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting nations.
• Prominent members of OPEC+: Russia, Mexico, and Kazakhstan. 
• It aims to regulate the supply of oil in order to set the price on the world market.

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

• • OPEC was founded in Baghdad in 1960.
  • It controls petroleum production, supplies, and prices in the global market.

• Member Countries:

• • • Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Algeria, Angola, Congo
    • Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates.
  • Headquarters: Vienna, Austria
  • Its membership is open to any country that is a substantial exporter of oil and which shares the ideals of the organization.