Why in News?
OPEC+ recently decided to keep 2026 group-wide oil output steady, reaffirming its pause on output hikes. This highlights the continuing role of OPEC and OPEC+ in global oil supply management.
Description:
| Category | Details |
| OPEC – Full Form | Organization of the Petroleum Exporting Countries |
| Founded | 1960, Baghdad (Founding members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela) |
| Headquarters | Vienna, Austria |
| Core Objective | Coordinate petroleum policies; ensure stable prices; steady producer income; reliable supply to consumers |
| Current Membership (2025) | 12 members: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, Venezuela |
| Membership Notes | Saudi Arabia = de facto leader (largest producer) • Indonesia: membership suspended (2016) • Qatar: withdrew (2019) • Angola: withdrew effective 1 January 2024 |
| OPEC+ – Formation | Late 2016 |
| OPEC+ – Composition | OPEC (12) + 10 non-OPEC producers: Russia, Kazakhstan, Mexico, Azerbaijan, Bahrain, Brunei, Oman, South Sudan, Sudan, Malaysia |
| Nature of OPEC+ | Informal coordination mechanism; not treaty-based |
| Key Driver | Russia (largest non-OPEC contributor) |
| Genesis of OPEC+ | Set up after the 2014–16 oil price crash caused by oversupply and U.S. shale boom |
| Mandate of OPEC+ | Coordinate joint output cuts/boosts • Maintain target price ranges • Manage market shocks (e.g., COVID-19 2020 collapse) |
| OPEC+ – Formation | Late 2016 |
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