OPEC and Global Oil Supply Management
OPEC (Organisation of the Petroleum Exporting Countries), founded in 1960 in Baghdad, is a cartel of oil-producing nations that coordinate production levels to influence global oil prices. OPEC+ (formed in 2016) includes Russia and other non-OPEC producers. Together, OPEC+ controls approximately 40% of global oil production and about 80% of proven oil reserves.
During the 2026 West Asia crisis, the question of whether OPEC+ members could compensate for Gulf supply disruptions became critical. Saudi Arabia — the cartel's swing producer with significant spare capacity — was itself affected by the Ras Tanura attack. Russia — the key non-OPEC+ partner — faces its own export constraints due to Western sanctions.
- OPEC founded: September 14, 1960, Baghdad; original members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela
- Current OPEC members (2026): 12 countries; Saudi Arabia holds the largest production quota
- OPEC+ formed: December 2016 (Vienna Declaration); includes Russia, Kazakhstan, UAE (non-founding OPEC members)
- Saudi Arabia's spare capacity: approximately 2–3 million b/d (the world's largest buffer for supply shocks)
- OPEC+ production cuts: the group had been managing output cuts throughout 2023–25 to support prices; the crisis created upward pressure without needing further cuts
- The IEA (International Energy Agency) can release Strategic Petroleum Reserves of member nations collectively to counter supply shocks — an option under discussion in March 2026
- India is not a member of OPEC, IEA (full member), or IEF (International Energy Forum) — it participates as an observer in IEA and IEF processes
● Tracked since March 02, 2026 · last seen April 06, 2026 · updates as the daily brief publishes