{"id":353285,"date":"2026-01-05T18:35:06","date_gmt":"2026-01-05T13:05:06","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=353285"},"modified":"2026-01-05T18:35:06","modified_gmt":"2026-01-05T13:05:06","slug":"opec-plus","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/opec-plus\/","title":{"rendered":"OPEC+ (PLUS)"},"content":{"rendered":"<p><strong>News: <\/strong>OPEC+ agreed in principle to maintain steady oil output despite falling prices, internal tensions, and widening geopolitical uncertainty among key members.<\/p>\n<h2>About OPEC+<\/h2>\n<figure id=\"attachment_353286\" aria-describedby=\"caption-attachment-353286\" style=\"width: 332px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-353286\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/01\/Source-OPEC.jpg?resize=332%2C185&#038;ssl=1\" alt=\"OPEC+\" width=\"332\" height=\"185\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/01\/Source-OPEC.jpg?resize=300%2C167&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/01\/Source-OPEC.jpg?resize=1024%2C571&amp;ssl=1 1024w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/01\/Source-OPEC.jpg?resize=768%2C428&amp;ssl=1 768w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/01\/Source-OPEC.jpg?w=1269&amp;ssl=1 1269w\" sizes=\"auto, (max-width: 332px) 100vw, 332px\" \/><figcaption id=\"caption-attachment-353286\" class=\"wp-caption-text\">Source &#8211; OPEC<\/figcaption><\/figure>\n<ul>\n<li>OPEC+ is a <strong>grouping of 22 oil-exporting countries<\/strong> that meets regularly to decide crude oil production levels to stabilise the global oil market.<\/li>\n<li><strong>Genesis of OPEC+<\/strong>: OPEC+ was <strong>formed in 2016 <\/strong>in response to falling oil prices caused by oversupply, largely due to rapid growth in U.S. shale oil production, which weakened OPEC\u2019s market control.<\/li>\n<li><strong>Members: <\/strong>OPEC+ includes the <strong>12 OPEC members<\/strong> and <strong>10 <\/strong><strong>non-OPEC <\/strong>producers such as Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.<\/li>\n<li><strong>Nature of OPEC+: <\/strong>OPEC+ operates through a <strong>Declaration of Cooperation, <\/strong>which provides a framework for voluntary dialogue and coordination on oil production rather than a formal treaty-based structure.<\/li>\n<li><strong>Functions<\/strong>\n<ul>\n<li>OPEC+ works to <strong>adjust crude oil production levels collectively<\/strong> to <strong>bring stability<\/strong> to the global oil market.<\/li>\n<li>The group <strong>regulates oil supply to manage price volatility and market balance.<\/strong><\/li>\n<\/ul>\n<\/li>\n<li><strong>Significance<\/strong>\n<ul>\n<li>OPEC+ crude output <strong>represents about 41% of global oil production.<\/strong><\/li>\n<li><strong>OPEC and OPEC+ countries together produce about 60% of global oil output,<\/strong> giving them strong influence over oil markets.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>About OPEC<\/h2>\n<ul>\n<li><strong>Established:<\/strong> OPEC was founded in 1960 at the <strong>Baghdad Conference<\/strong> by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.<\/li>\n<li><strong>Aim:<\/strong> OPEC coordinates petroleum policies to ensure stable oil prices, steady supply to consumers, and fair returns for investors.<\/li>\n<li><strong>Members:<\/strong> OPEC currently has 12 members, mainly from the Middle East and Africa, <strong>after Angola withdrew in January 2024.<\/strong><\/li>\n<li><strong>Headquarters:<\/strong> OPEC is headquartered in <strong>Vienna, Austria.<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: OPEC+ agreed in principle to maintain steady oil output despite falling prices, internal tensions, and widening geopolitical uncertainty among key members. About OPEC+ OPEC+ is a grouping of 22 oil-exporting countries that meets regularly to decide crude oil production levels to stabilise the global oil market. Genesis of OPEC+: OPEC+ was formed in 2016&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/opec-plus\/\">Continue reading <span class=\"screen-reader-text\">OPEC+ (PLUS)<\/span><\/a><\/p>\n","protected":false},"author":10393,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,1236,12039],"tags":[11872],"class_list":["post-353285","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-international-organisations","category-knolls","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/353285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10393"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=353285"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/353285\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=353285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=353285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=353285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}