The Organization of the Petroleum Exporting Countries is known as OPEC. It is a multinational organization headquartered in Vienna, Austria, founded in 1960.

There are 15 members of OPEC: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

OPEC's primary objective is to "coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets to ensure a regular, efficient and economical supply of petroleum to consumers, a steady income for producers, and a fair return on investment for petroleum investors."

To accomplish this, OPEC sets and enforces production quotas for its members. Through this process, it can control the global oil supply and, subsequently, the price of oil.

Many criticize OPEC for causing high oil prices and monopolizing the global oil market.

OPEC+: what is it?

In 2016, OPEC and a group of non-OPEC countries (known as OPEC+) agreed to reduce their combined oil production.

As of today, the OPEC+ agreement remains in effect. OPEC+ comprises Russia, Kazakhstan, Mexico, Oman, and Bahrain.

OPEC+: how does it work?

As part of the OPEC+ agreement, all members are required to reduce their oil production by a certain percentage.

Every six months, the quotas are reviewed and updated.

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