OPEC+

OPEC+ Latest News

Recently, Brazil’s government approved the country’s entry into OPEC+, the alliance of major oil-exporting nations.

About OPEC+ 

• It is a group of 22 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.

Origin of OPEC+

• 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.”
• At the core of this group are the 12 members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
• Members of OPEC+: It comprises 12 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

What is OPEC?

• It is a permanent intergovernmental organization of oil-exporting countries.
• It was established in 1960 by the five founding members 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.
• Angola withdrew its membership effective 1 January 2024.
• Headquarters: Vienna, Austria.

OPEC+ FAQs

Q1: Where is the headquarter of OPEC?

Ans: Vienna, Austria.

Q2: Where is the headquarter of OPEC?

Ans: Vienna, Austria.

Q3: Why is the USA not part of OPEC?

Ans: It cannot qualify for membership since it is a net importer of oil.

Source: TOI