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Serving Transparency in Capital Markets
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Market Data Network

OPEC+

OPEC+ is an alliance between OPEC member countries and other major non-OPEC oil-producing nations. It was formed in late 2016 to coordinate policies and exert more control over the global crude oil market.

OPEC Members:

The current 12 OPEC members are:

  • Algeria
  • Equatorial Guinea
  • Gabon
  • Iran
  • Iraq
  • Kuwait
  • Libya
  • Nigeria
  • Republic of the Congo
  • Saudi Arabia
  • United Arab Emirates
  • Venezuela 

Non-OPEC Members of OPEC+:

The major non-OPEC countries that are part of the OPEC+ alliance include:

  • Russia
  • Azerbaijan
  • Kazakhstan
  • Bahrain
  • Brunei
  • Malaysia
  • Mexico
  • Oman
  • South Sudan
  • Sudan 

So in summary, OPEC+ consists of the 12 OPEC nations along with 10 other major oil-producing countries led by Russia. Together, OPEC+ members account for around 41% of global oil production and aim to coordinate supply policies to stabilize oil prices and maximize profit