OPEC+
- March 5, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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OPEC+
Subject: International organizations
Context: Crude oil saw a rise of about 5% on Thursday as sources said OPEC and its allies have agreed to keep production unchanged into April.
Concept:
- OPEC+ is the alliance of crude producers undertaking corrections in supply in the oil markets since 2017.
- OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. (OPEC, As of 2020, OPEC has a total of 13 Member Countries viz. Iran, Iraq, Kuwait, United Arab Emirates (UAE), Saudi Arabia, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of Congo, Angola and Venezuela are members of OPEC.)
About OPEC