OPEC+
E43019
OPEC+ is an alliance of major oil-producing countries, including OPEC members and non-OPEC partners like Russia, that coordinates crude oil production policies to influence global oil prices.
Observed surface forms (3)
| Surface form | Occurrences |
|---|---|
| OPEC Plus | 1 |
| OPEC and allies | 1 |
| Organization of the Petroleum Exporting Countries Plus | 1 |
Statements (63)
| Predicate | Object |
|---|---|
| instanceOf |
energy policy coordination group
ⓘ
intergovernmental organization ⓘ oil producers alliance ⓘ |
| alsoKnownAs |
OPEC+
ⓘ
surface form:
OPEC Plus
OPEC+ ⓘ
surface form:
OPEC and allies
|
| coordinatedBy | OPEC Secretariat ⓘ |
| field |
energy policy
ⓘ
international economic cooperation ⓘ |
| formedDuring | 2016 oil market downturn ⓘ |
| formedFrom |
OPEC
ⓘ
surface form:
Organization of the Petroleum Exporting Countries
non-OPEC oil-producing countries ⓘ |
| fullName |
OPEC+
self-linksurface differs
ⓘ
surface form:
Organization of the Petroleum Exporting Countries Plus
|
| hasKeyMember |
Algeria
ⓘ
Angola ⓘ Azerbaijan ⓘ Bahrain ⓘ Brunei Darussalam ⓘ
surface form:
Brunei
Congo ⓘ Equatorial Guinea ⓘ Gabon ⓘ Iran ⓘ Iraq ⓘ Kazakhstan ⓘ Kuwait ⓘ Libya ⓘ Malaysia ⓘ Mexico ⓘ Nigeria ⓘ Oman ⓘ Qatar ⓘ Russia ⓘ Saudi Arabia ⓘ South Sudan ⓘ Sudan ⓘ United Arab Emirates ⓘ United States (as occasional observer or dialogue partner) ⓘ Venezuela ⓘ |
| hasLeaderRole |
Russia as key non-OPEC leader
ⓘ
Saudi Arabia as de facto leader ⓘ |
| hasMemberType |
OPEC member state
ⓘ
non-OPEC oil-producing country ⓘ |
| hasPolicy |
cooperative supply management between OPEC and non-OPEC
ⓘ
market-driven production management ⓘ |
| industry | oil and gas industry ⓘ |
| influences |
energy markets volatility
ⓘ
global crude oil prices ⓘ global oil supply ⓘ |
| mainDecisionType |
oil production quotas
ⓘ
production increase agreements ⓘ voluntary production cuts ⓘ |
| meetsAt |
Vienna
ⓘ
online videoconferences ⓘ |
| notableAction |
2016 coordinated production cuts agreement
ⓘ
2020 historic production cuts during COVID-19 pandemic ⓘ regular monthly production adjustment meetings ⓘ |
| purpose |
coordination of crude oil production policies
ⓘ
influencing global oil prices ⓘ stabilization of global oil markets ⓘ |
| relatedTo |
International Energy Agency
ⓘ
OPEC ⓘ global energy security ⓘ |
| shortName | OPEC+ self-link ⓘ |
| typicalDecisionProcess | consensus-based decision-making ⓘ |
Referenced by (5)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
OPEC Plus
this entity surface form:
OPEC and allies
this entity surface form:
Organization of the Petroleum Exporting Countries Plus