Context:
OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices.
Key Highlights:
- OPEC+, currently pumping about half of the world’s oil, has planned the increase production for April.
Organization of the Petroleum Exporting Countries Plus (OPEC+)
OPEC+, or the Organization of the Petroleum Exporting Countries Plus, is a group of oil-exporting countries that work together to regulate the supply of oil and stabilize global oil prices
- A group of 22 oil-exporting countries which aims to adjust crude oil production for market stability.
- Originated in 2016 to establish cooperation between OPEC and non-OPEC producing countries.
- Core members
- 12 OPEC countries, Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.
- Established
- 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- Membership
- 12 members, including Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the UAE.
- Angola withdrew its membership effective 1 January 2024.
- Headquarters
- Vienna, Austria.
