Why in News?
OPEC+ has decided to continue its existing oil production policy. The decision comes despite rising tensions between Saudi Arabia and the UAE over the Yemen conflict, highlighting geopolitical influences on oil markets.
OPEC:
OPEC+ is an expanded alliance of oil-producing nations that includes the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC partners.
The alliance comprises two primary groups:
- OPEC Members (12): Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates (UAE), and Venezuela.
- Non-OPEC Partners (10): Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan, and Sudan
