OPEC+, Countries, Origin, Members, Headquarters

OPEC+ consists of a coalition of 12 members of oil-exporting countries. It includes 12 members of the Organisation of the Petroleum Exporting Countries and 10 non-OPEC countries. The organisation was created in 2016 with the goal of stabilising the oil market by coordinating production levels. Currently, Brazil is now going to join OPEC+ organisation as an observer country. In this article, we are going to learn more about the OPEC Organisation, history, member countries and the importance. 

OPEC+ to be Joined by Brazil

The OPEC+ Organisation was soon joined by Brazil as an Observer member, marking an important development in the global oil market. Brazil happens to be one of the top oil producers and plays an important role in energy exports. With the inclusion in OPEC+ organisation, Brazil will get a chance to strengthen its influence over oil prices and supply decisions. 

The National Energy Council approved the decision of OPEC to welcome Brazil’s to join the Charter of Cooperation.

What is OPEC+?

OPEC+ 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. The OPEC+ is an extension of the OPEC Organisation first established by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela in 1960 to manage production and global oil prices.

In 2016, OPEC was joined by non-OPEC Countries to become OPEC+ which included oil-producing nations managing oil production and prices. The supply cuts and increase in prices all influence global energy markets are influenced by the OPEC+. 

OPEC+ Origin

OPEC+ originated in 2016 while in partnership with non-OPEC oil producing countries. This collaboration helped in stabilising the market and introducing production cuts and work in the issue of falling oil prices caused due to oversupply. 

The aim of OPEC is to “coordinate and unify petroleum policies among member countries”. OPEC+ has taken up several initiatives to regulate supply and respond to global crises by adjusting the production levels. 

OPEC+ Members

OPEC+ Organisation includes OPEC members and non-OPEC oil-producing nations. OPEC had 12 members, while OPEC+ members included additional oil producers. 

OPEC Members

1. Saudi Arabia
2. Iraq
3. Iran
4. Kuwait
5. UAE
6. Venezuela
7. Nigeria
8. Libya
9. Algeria
10. Equatorial Guinea
11. Republic of Congo
12. Gabon

Non-OPEC Members in OPEC+

1. Azerbaijan 
2. Bahrain 
3. Brunei
4. Kazakhstan
5. Russia
6. Mexico
7. Malaysia
8. South Sudan
9. Sudan
10. Oman

OPEC vs OPEC Plus 

OPEC and OPEC+ both are the same organisations that share the goal of stabilising oil prices. However both have a different influence and structure. The major differences between OPEC and OPEC+ is: 

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+ Organisation FAQs

Q1. What are OPEC+ countries?

Ans. OPEC+ includes OPEC members and non-OPEC oil-producing nations collaborating on oil production policies.

Q2. Is India a member of OPEC?

Ans. No, India is not a member of OPEC.

Q3. What is the OPEC+ Charter of Cooperation?

Ans. It is an agreement to enhance collaboration on oil market stability between OPEC and non-OPEC countries.

Q4. What does OPEC mean?

Ans. OPEC stands for the Organization of the Petroleum Exporting Countries.

Q5. Who holds 80% of the world's oil?

Ans. OPEC members collectively hold about 80% of the world's proven oil reserves.

Q6. Is OPEC good or bad?

Ans. OPEC stabilizes oil markets but is often criticized for controlling supply and influencing prices.