OPEC+

OPEC+ (OPEC Plus) refers to the collaboration between the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC oil-producing countries. OPEC, established in 1960, is an international organization aimed at regulating oil prices. OPEC controls approximately 40% of the world’s oil production.

OPEC+ includes not only the member countries of OPEC but also other producer nations that cooperate with OPEC. The cooperation within OPEC+ is carried out to ensure stability in the oil markets, control prices, and maintain the balance of supply and demand.

The OPEC+ collaboration began in 2016. It involves agreements to limit production in order to balance low oil prices caused by oversupply in the global oil markets. OPEC and some non-OPEC producer countries set production quotas to restrict oil output. This reduces the oil supply in the market and leads to price increases.

The OPEC+ countries include Russia, Kazakhstan, Azerbaijan, Bahrain, the United Arab Emirates (UAE), Kuwait, Iraq, Nigeria, Angola, Algeria, Congo, Gabon, Ecuador, and Libya, among others. OPEC+ countries collectively control a significant portion of global oil production.

OPEC+ agreements are usually valid for a specific period, and production quotas and limitations are regularly reviewed and updated. OPEC+ meetings are attended by oil ministers from member countries, and decisions are made by unanimous agreement.

The OPEC+ collaboration plays an important role in ensuring price stability and balancing the oil markets. However, political and economic differences among member countries can affect the implementation and sustainability of the agreements. Additionally, the impact of OPEC+ agreements can be influenced by factors such as global oil demand, competition, and other market dynamics.