OPEC + : In News
Crude oil prices stayed steady after an unexpected jump in US gasoline stock supplies and delaying of the OPEC + meeting on output policy.
- It is a group of 22 oil-exporting countrieswhich meets regularly to decide how much crude oil to sell on the world market.
- These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
- These nations came to an accord towards the end of 2016 “to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.”
- At the core of this group are the 12 members of OPEC(the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
- It comprises 12 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan and Oman.
- OPEC is a permanent intergovernmental organization of oil-exporting countries.
- It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
