OPEC+ and Global Oil Supply Architecture
The Organisation of the Petroleum Exporting Countries (OPEC), established in 1960, coordinates oil production policies among member states. OPEC+ (formed 2016) includes OPEC members plus Russia and other non-OPEC producers, and jointly manages production quotas to stabilise prices.
- OPEC founded: September 1960 in Baghdad; Secretariat in Vienna, Austria
- Original members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela; now 13 members
- OPEC+ alliance formed in 2016; currently includes 23 countries
- Iran is an OPEC member but under US sanctions; its oil production and export figures are contested
- Iran's crude output as of early 2026 was approximately 3.2–3.4 million b/d [Unverified — verify against IEA/EIA data]
- The Iran-US conflict removed both Iranian export barrels and disrupted transit barrels from multiple Gulf producers, compounding the supply shock
● Tracked since April 08, 2026 · last seen May 05, 2026 · updates as the daily brief publishes
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