OPEC+

Introduction to OPEC+

• OPEC+à alliance of major oil-exporting countries.
• It was formed in 2016 as an extension of OPEC.
• It includes both OPEC and non-OPEC countries.

Members of OPEC+

• It consists of 22 countries.
• Includes 12 OPEC members plus: Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, Oman.

Objectives of OPEC+

• To coordinate oil production policies globally.
• To stabilize oil prices in international markets.
• To ensure balance between supply and demand.
• To provide long-term stability in the energy market.

Significance of OPEC+

• OPEC+ countries together produce a large share of global oil output.
• It has greater influence than OPEC alone in controlling oil supply.
• It plays a key role in managing global oil crises and price shocks