The Organization of the Petroleum Exporting Countries (OPEC) is a formal group of oil-exporting countries formed in 1960 to manage oil supply and stabilize prices. In contrast, OPEC+ is a broader alliance created in 2016 that includes OPEC members along with non-OPEC producers. OPEC mainly focuses on setting production quotas for its members, while OPEC+ works through wider cooperation to influence global oil markets. Due to the inclusion of major producers like Russia, OPEC+ has greater control and impact on global oil prices.
Difference Between OPEC and OPEC+
The difference between Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ (OPEC Plus) lies mainly in their membership and scope of cooperation in regulating global oil production.
| Difference Between OPEC and OPEC+ | ||
|
Feature |
OPEC |
OPEC+ |
|
Main Purpose |
Regulate oil supply and stabilize prices |
Expand control by including non-OPEC producers |
|
Formation |
Founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela |
Formed in 2016 through cooperation between OPEC and 10 non-OPEC countries |
|
Nature |
Formal intergovernmental organization |
Informal alliance/coalition |
|
Objective |
Coordinate petroleum policies among member nations |
Strengthen global oil market management through wider cooperation |
|
Members |
Around 12-13 countries including Saudi Arabia, Iran, Iraq, UAE, Venezuela |
OPEC members + countries like Russia, Kazakhstan, Mexico, Oman, etc. |
|
Leadership |
Dominated by Saudi Arabia |
Joint leadership of Saudi Arabia and Russia |
|
Oil Market Share |
Produces ~30–40% of global crude oil and holds ~80% reserves |
Produces ~40–50% of global oil, giving higher influence |
|
Decision-Making |
Internal quota system among members |
Collective decisions with both OPEC & non-OPEC partners |
|
Influence on Prices |
Adjusts production to manage price stability |
Stronger price influence due to wider participation |
|
Response to Market Changes |
Changes output based on demand-supply conditions |
Implements larger coordinated production cuts or increases |
|
Headquarters |
Vienna, Austria |
No separate HQ; follows OPEC framework |
About Organization of Petroleum Exporting Countries
- Organization of the Petroleum Exporting Countries is an intergovernmental organization established in 1960 to coordinate petroleum policies among member countries.
- Its primary objective is to stabilize global oil markets and ensure fair prices for producers along with a steady supply for consumers.
- OPEC was founded in Baghdad, Iraq, by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- The headquarters of OPEC is located in Vienna, Austria, since 1965.
- The organization mainly includes oil-producing countries from the Middle East, Africa, and South America.
- OPEC has 12 member countries: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
- Congo joined OPEC in 2018, Equatorial Guinea in 2017, and Gabon rejoined in 2016.
- Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela are founding members of OPEC.
- 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.
- Member countries meet regularly to decide production quotas based on global demand and supply conditions.
- Saudi Arabia is considered the most influential member due to its large oil production capacity.
- Angola withdrew from OPEC in January 2024, reducing the total number of members.
- Qatar (2019), Indonesia (2016), and Ecuador (2020) have left or suspended their memberships in recent years.
About OPEC+
- It is the alliance of major oil-exporting nations.
- 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.
Last updated on April, 2026
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Difference Between OPEC and OPEC+ FAQs
Q1. What is the main difference between Organization of the Petroleum Exporting Countries and OPEC+?+
Q2. When were OPEC and OPEC+ formed?+
Q3. Why was OPEC+ created?+
Q4. Which countries are part of OPEC+?+
Q5. Which has more influence on global oil prices, OPEC or OPEC+?+
Tags: difference between OPEC and OPEC+ economics international relations
