OPEC is the organization of oil exporting countries. This cartel created On September 14, 1960, during the Baghdad conference, brings together 13 member countries which are in decreasing order of production: Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait, Nigeria, Algeria, Libya, Angola, Venezuela, Congo, Gabon and Equatorial Guinea.
OPEC+ brings together 23 oil producing countries. We find there the 13 member countries of OPEC and 10 other producers who are in decreasing order of production: Russia, Mexico, Kazakhstan, Oman, Azerbaijan, Malaysia, Bahrain, South Sudan, Brunéi and Sudan
All these countries have been consulting regularly since the end of 2016 to support oil prices by pooling their efforts to reduce production.
May 3, 2025, eight OPEC+ member countries (Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman) announced a coordinated increase in their production of crude oil up to 411,000 barrels per day from June, while the initial reintroduction plan provided for an increase of only 137,000 barrels: “OPEC + has just launched a bomb on the oil market“, proclaims at the AFP news agency Jorge Leon, analyst at Rystad Energy.
