OPEC+ (Syllabus: GS Paper 2 - IR)

News-CRUX-10     27th November 2023        
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Context: Petroleum minister of India cautioned the Opec+ grouping of oil exporting countries to watch out for market turbulence at their forthcoming meeting to discuss production plan, saying high prices due to the uncertainties will lead to a drop in demand.


  • About: It is a group of 23 oil-exporting countries that meets regularly to decide how much crude oil to sell on the world market.
  • Aim: To work together on adjusting crude oil production to bring stability to the oil market.
  • At the core of this group are the 13 members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
  • Members: 13 members of OPEC (Saudi Arabia, the UAE, Iran, Iraq, Kuwait, Algeria, Angola, Equatorial Guinea, Gabon, Libya, Nigeria, the Republic of the Congo, and Venezuela) and 10 other oil-producing countries (Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan).
  • Russia, a major oil producer surpassing even Saudi Arabia, holds a pivotal position alongside OPEC in shaping worldwide crude oil price trends.


  • About: It is a permanent, intergovernmental organization of 13 countries, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  • Headquarters: Vienna, Austria.
  • Aim: To regulate oil supply with the aim of stabilizing the global oil price, thus preventing volatility that could negatively impact the economies of both oil-producing and oil-importing nations.
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