What is OPEC+?

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: 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: 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.
• Formation: 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.

Q1: What is Brent Oil?

It is a light, sweet crude oil extracted from different oil fields in the North Sea. Its unique properties, low density and low sulphur content, make Brent crude oil simpler to process into products such as gasoline. As its supply is water-borne, Brent crude oil is easy to transport to distant locations.

News: Oil prices hold steady as OPEC+ delays output meeting; Brent at $72.91