About our OPEC news
Latest news on OPEC, the Organisation of the Petroleum Exporting Countries, which is an organisation enabling the co-operation of leading oil-producing countries, in order to collectively influence the global market and maximise profit. OPEC+ is a larger group that includes OPEC and 10 other major oil producing countries such as Russia, that have aligned with OPEC to form an alliance to have more control on the global crude oil market. OPEC and OPEC+ influence oil prices by setting production targets for their member nations, which affect the supply and demand of oil in the world. At the start of April 2023, OPEC+ announced a surprise oil production cut that will exceed one million barrels a day, curtailing supply from May 2023 despite a recovery in prices from 15-month lows. This decision caused oil prices to surge.