OPEC+

OPEC+ Latest News

Recently, the Organization of the Petroleum Exporting Countries (OPEC)+ has agreed in principle to maintain steady oil output despite rising political tensions among key members and widening geopolitical uncertainty. 

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.

Key Facts about Organization of the Petroleum Exporting Countries

• 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.

Source: News on Air

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