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:
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