OPEC+
Why it matters?
OPEC+ agreed to raise oil production by 547,000 barrels per day for September, reversing earlier cuts and boosting UAE’s output. The decision comes amid concerns over supply disruptions linked to Russia and pressure from the U.S. on India to reduce Russian oil imports.
What should you know?
OPEC+
OPEC+ is a larger alliance formed in 2016, consisting of OPEC members + 10 non-OPEC oil-producing countries.
Formed to collaborate on oil production levels to stabilize global oil prices, especially after the 2014–2016 oil price crash.
Non-OPEC Members in OPEC+: Russia, Kazakhstan, Azerbaijan, Mexico, Oman, Sudan, South Sudan, Malaysia, Bahrain, Brunei
OPEC
OPEC (Organization of the Petroleum Exporting Countries) was founded in 1960, with headquarters in Vienna, Austria.
It is a permanent intergovernmental organization of oil-exporting developing nations that coordinates and unifies petroleum policies among member countries.
OPEC Founding members include Saudi Arabia, Iraq, Iran, Kuwait, and Venezuela.
Its other members are Algeria, Equatorial Guinea, Gabon, Libya, Nigeria, the Republic of the Congo, and the United Arab Emirates.
Presently, it has 12 members.
India is not a member of OPEC but is a major oil importer.