OPEC+
Formation, Structure, and Decision-Making
OPEC (Organization of the Petroleum Exporting Countries) was founded in 1960 in Baghdad, with five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC+ is an expanded grouping formed in 2016 when OPEC reached a supply cooperation agreement with 10 additional non-OPEC oil producers, including Russia.
- OPEC was formed in 1960; headquarters shifted to Vienna, Austria in 1965.
- Original founding members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.
- Current OPEC members (as of 2025): Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, Venezuela (13 members; some fluctuate).
- OPEC+ additional members include: Russia, Kazakhstan, Azerbaijan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan, Sudan.
- OPEC+ formation trigger: 2014–2016 oil price collapse caused by US shale boom; OPEC's November 2016 Vienna Agreement formally established cooperation with non-OPEC producers.
- Decision mechanism: OPEC operates on unanimity and "one member, one vote"; ministerial conferences meet in Vienna (typically twice yearly for formal sessions; monthly virtual meetings for monitoring).
- The "Voluntary Eight" (V8) or "Declaration of Cooperation" group holds the largest voluntary production adjustment capacity within OPEC+.
● Tracked since March 01, 2026 · last seen April 29, 2026 · updates as the daily brief publishes
29 Apr '26
UAE exits OPEC: What is OPEC+, its members, and what does the bloc do?
International Relations
28 Apr '26
UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group
International Relations
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