Geopolitics › Global issues & flashpoints › Energy: oil, gas and LNG
OPEC+
OPEC 1960; OPEC+ 2016· Alliance or organization
FactTreaties, membership, measured data, events.
The alliance of OPEC's oil exporters with Russia and other producers that coordinates output to steer prices.
See it on the Geopolitics map →The picture
OPEC was founded in Baghdad in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela; its Arab members' 1973 embargo quadrupled oil prices. Since 2016 it has coordinated with Russia, Kazakhstan, Mexico and others as OPEC+, about 20 producers pumping roughly 40–50% of world oil, depending on how it is counted. Saudi Arabia and Russia lead. After deep cuts in 2022–23, it raised output from 2025 to regain market share. The UAE quit on May 1, 2026.
Why it matters
Its decisions move gasoline prices, inflation and petro-state budgets worldwide, though US shale and the 2026 Hormuz closure limit how far it can steer.
Key facts and numbers
OPEC+ communiqués and the 2016 Declaration of Cooperation, and production data from OPEC secondary sources, the IEA and the US EIA.
What to watch
Outlook: whether the UAE's exit starts a wider breakup, and whether spare capacity, mostly inside the Gulf, can cushion future shocks.
Connections (2)
▸Russia is a member of OPEC+Fact
The relationship
Russia, among the world's top three oil producers, joined OPEC's members in the 2016 Declaration of Cooperation that created OPEC+, and co-leads it with Saudi Arabia. Joint cuts helped lift prices after the 2014–16 crash. Since 2022 sanctions have forced Russia to sell at discounts, and it has often pumped above its quota.
Since when and why
Vienna, December 2016; Deputy Prime Minister Alexander Novak represents Moscow. A brief split in March 2020 triggered a Saudi–Russian price war.
How we know
OPEC+ communiqués and quota tables, and production data from the IEA and OPEC secondary sources comparing Russian output with its targets.
What to watch
How well Russia complies, given wartime secrecy over output data, and whether Saudi and Russian interests stay aligned as sanctions and the UAE's exit reshape the group.
▸Mohammed bin Salman (MBS) steers oil policy in OPEC+Widely agreed
The relationship
As the largest exporter with the most spare capacity, Saudi Arabia co-leads OPEC+ with Russia, and MBS sets the strategy carried out by his half-brother, Energy Minister Prince Abdulaziz bin Salman. Riyadh led deep output cuts in 2022–23, then raised production from 2025 to win back market share.
Since when and why
OPEC+ meetings in Vienna and online. The UAE quit OPEC and OPEC+ on May 1, 2026, seeking freedom to pump more, a sign of strain with Riyadh.
How solid?
OPEC+ communiqués and production data from OPEC and the IEA; MBS's final say is widely reported by analysts but inferred, not published.
What to watch
How the group holds together after the UAE's exit, and whether Saudi priorities favor high prices or market share.