Why in news?
OPEC+ recently decided to maintain steady oil production levels through Q1 2026 amid market surplus concerns and geopolitical tensions. Eight key members reaffirmed this pause during a January 4 virtual meeting.​
About OPEC and OPEC+
OPEC currently has 12 member countries, while OPEC+ expands this group to include 22 oil-exporting nations (OPEC members + 10 non-OPEC allies).
OPEC Member Countries (12)
- The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960 in Baghdad. Its current members are:
- Middle East: Iran, Iraq, Kuwait, Saudi Arabia, United Arab Emirates
- Africa: Algeria, Libya, Nigeria, Angola, Equatorial Guinea, Republic of Congo
- South America: Venezuela
OPEC+ Member Countries (22)
- OPEC+ was formed in 2016 to include non-OPEC producers for coordinated oil market management. It consists of the 12 OPEC members plus 10 additional countries:
- Non-OPEC Allies: Russia, Kazakhstan, Azerbaijan, Mexico, Oman, Bahrain, Brunei, Malaysia, Sudan, South Sudan
- New Addition (2025): Brazil joined OPEC+ recently
Comparison Table
| Group |
Members |
Key Countries |
Purpose |
| OPEC |
12 |
Saudi Arabia, Iran, Iraq, UAE, Venezuela |
Coordinate oil policies among member states |
| OPEC+ |
22 |
OPEC + Russia, Kazakhstan, Mexico, Brazil, Oman, etc. |
Broader cooperation to stabilize global oil markets |
Key Insights
- OPEC controls ~38% of global oil production.
- OPEC+ decisions (like production cuts or increases) significantly impact global oil prices.
- The inclusion of Russia and now Brazil makes OPEC+ a geopolitical powerhouse, balancing Middle Eastern, African, and non-OPEC producers.
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