Why in the news?

  • China, not OPEC+, emerged as the key stabiliser of global crude oil prices in 2025.

Organization of the Petroleum Exporting Countries (OPEC)

  • What is it?: It is a permanent intergovernmental organization of oil-exporting countries.
  • Headquarters: Vienna, Austria.
  • 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.
  • Members: It has 12 members, including Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates.

OPEC +

  • Formation: The OPEC+ was formed in 2016 after the adoption of the ‘Algiers Accord’ by OPEC countries in 2016 and signing of the ‘Vienna Agreement’ in 2016 between OPEC and other major oil exporting countries.
  • What is it?: It is a group of oil exporters consisting of 22 member countries which meet regularly to decide how much crude oil to sell on the world market.
  • Members: It comprises 12 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

Source: The Hindu