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In the global energy market, oil remains one of the most crucial natural resources, deeply influencing international politics and economics.
The Organization of the Petroleum Exporting Countries (OPEC), established in 1960, has served as the primary coordinator and decision-maker for global oil policies.
As the complexity of the global oil market increased and new producers emerged, OPEC expanded its cooperative framework by forming OPEC+—an alliance that includes both OPEC members and key non-OPEC oil-producing nations.
This article explores the fundamental concepts of OPEC and OPEC+, introduces their member nations, and examines their influence on the global oil market.
OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization of the world’s leading oil-exporting nations.
Established in 1960, OPEC aims to coordinate its members' oil policies, manage production volumes and prices collectively, and maintain both member interests and global market stability.
OPEC was founded on September 14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, who signed an agreement in Baghdad, Iraq.
Over time, additional nations joined the organization.
During the oil crises of the 1970s, OPEC significantly increased oil prices and enhanced its influence in the global oil market. However, changes in market conditions and political factors have sometimes caused conflicts of interest among member nations.
Since its founding in 1960, OPEC's membership has changed over time. Initially composed of five countries, OPEC expanded to include additional members. However, some countries have opted to leave due to economic or policy changes.
OPEC continues to consist of various nations that collectively coordinate oil production policies to influence the global oil market. Below is a list of OPEC members, including former members:
| Country | Join Year | Exit Year |
|---|---|---|
| Saudi Arabia | 1960 | - |
| Iran | 1960 | - |
| Iraq | 1960 | - |
| Kuwait | 1960 | - |
| Venezuela | 1960 | - |
| Qatar | 1961 | 2019 |
| Indonesia | 1962 | 2016 |
| Libya | 1962 | - |
| UAE | 1967 | - |
| Algeria | 1969 | - |
| Nigeria | 1971 | - |
| Ecuador | 1973 | 1992, rejoined 2016, exited 2020 |
| Gabon | 1975 | 1994, rejoined 2016 |
| Angola | 2007 | 2023 |
| Equatorial Guinea | 2017 | - |
| Congo (Brazzaville) | 2018 | - |
Since its establishment, OPEC has played a central role in the global oil market. By coordinating the oil production policies of its members, OPEC significantly impacts global oil supply and pricing.
Notably, during the oil crises of 1973 and 1979, OPEC reduced oil supply, causing prices to surge, which had widespread economic repercussions.
However, OPEC faces challenges such as the rise of non-OPEC oil production, the global shift towards renewable energy, and internal conflicts among member nations.
OPEC's decisions and strategies not only affect its members but also have a profound impact on the global economic and political landscape.
OPEC+ is an international cooperative framework comprising OPEC members and other key non-OPEC oil-producing countries.
The group was formed to collectively adjust oil production levels to control prices, responding to fluctuations in global supply and demand.
As an extension of OPEC's structure, OPEC+ enables broader collaboration with major oil-producing nations to influence the global oil market.
The concept of OPEC+ originated in 2016, when a historic production cut agreement was reached between OPEC and non-OPEC producers, such as Russia, in response to a global oil glut and falling prices.
Initially a temporary measure, the successful stabilization of the market led to a formalized OPEC+ mechanism.
Since then, OPEC+ has held regular meetings to adjust production policies, adapting to global economic and market changes.
OPEC+ includes OPEC members and non-OPEC oil producers. The group’s composition is generally traced back to the 2016 agreement. Non-OPEC members include:
| Country | Join Year |
|---|---|
| Russia | 2016 |
| Mexico | 2016 |
| Kazakhstan | 2016 |
| Azerbaijan | 2016 |
| Sudan | 2016 |
| South Sudan | 2016 |
| Malaysia | 2016 |
| Oman | 2016 |
| Bahrain | 2016 |
| Brunei | 2016 |
| Bolivia | 2016 |
OPEC+ has significantly enhanced OPEC's influence in the global oil market. By coordinating the production of a broader group of oil-producing nations, OPEC+ can effectively control oil prices and global supply.
This benefits member nations by stabilizing their economies while also impacting the global economy.
However, OPEC+ faces challenges, including balancing the diverse economic needs of its members and addressing the effects of global energy transitions on traditional oil industries.
The relationship between OPEC and OPEC+ is built on the expansion and collaboration of OPEC's original framework. Key aspects include:
OPEC+ extends OPEC’s scope by including non-OPEC producers, enabling coordinated action on global oil production policies.
OPEC and OPEC+ collectively include some of the world's largest oil producers, such as Russia and Saudi Arabia, giving them greater control over oil prices.
Both OPEC and OPEC+ face challenges, such as market demand fluctuations, advancements in renewable energy, and shifts in global economic and political dynamics.
OPEC+ thrives on collaborative policy-making, ensuring the collective interests of its members are protected, particularly during market downturns.
Together, OPEC and OPEC+ form a complementary force, shaping the global oil market and addressing the challenges of a rapidly evolving energy landscape.
