Saudi Arabia to cut oil output by 1 million barrels per day

Subject : International Relations

Section: Groupings

Concept :

Saudi Arabia will soon pledge new voluntary production cuts as part of a broader OPEC+ deal to curb output.

About OPEC+:

It is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market.
These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
At the core of this group are the13 members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
Members: It comprises 13 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

Organization of the Petroleum Exporting Countries(OPEC):

It is a permanent intergovernmental organization of oil-exporting countries.
Mission:
To coordinate and unify the petroleum policies of its Member Countries.
Ensure the stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations.
Formation: It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Currently, it has 13 members, including Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates
Headquarters: Vienna, Austria.