OPEC+, Origin, Members & HQ, Latest News

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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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