OPEC+ is a coalition of oil-producing countries that includes:
1. OPEC (Organization of the Petroleum Exporting Countries):
Founded in 1960, current key members include:
- Saudi Arabia
- Iraq
- Iran
- UAE
- Kuwait
- Venezuela
- Nigeria
- Angola
- Algeria
- Congo
- Gabon
- Equatorial Guinea
- Libya
2. + (Non-OPEC major oil producers):
These are countries that are not formal OPEC members but coordinate with OPEC on oil production policies. Key members include:
- Russia
- Mexico
- Kazakhstan
- Azerbaijan
- Oman
- Malaysia
- Others
Purpose of OPEC+:
OPEC+ was formed in 2016 in response to falling oil prices. The group meets regularly to coordinate oil production levels in order to:
- Stabilize global oil markets
- Support oil prices
- Balance supply and demand