Understanding OPEC and OPEC+: Key Facts and Recent Developments

Apr 28, 2026

68 min

Apr 28, 2026 14:31

## What is OPEC?

The Organisation of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental group established on September 14, 1960, in Baghdad. It was created by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and stabilize oil prices. OPEC's headquarters moved to Vienna, Austria, in 1965.

## Purpose and Function

OPEC's main goal is to unify petroleum policies among member countries to ensure stable oil prices, a steady supply to consumers, and fair returns for investors. Member nations meet regularly to decide on oil production levels, influencing global supply and prices.

## OPEC+

OPEC+ is an extended alliance formed in December 2016, including OPEC members and additional non-member countries like Russia. This coalition was formalized through the Declaration of Cooperation and later the Charter of Cooperation in 2019.

## Membership Changes

OPEC currently includes 12 countries, but the UAE will leave on May 1, 2026. OPEC+ includes these members and other major producers. Over the years, countries like Qatar, Indonesia, Ecuador, and Angola have exited OPEC for various reasons, such as focusing on different energy resources or disagreements over production quotas.

## UAE's Exit

The UAE, a member since 1967, announced its departure from both OPEC and OPEC+ effective May 1, 2026. This decision has drawn attention to the roles and influence of these organizations in global oil markets.

Read the full story at the source

What you need to know to get Emirates ID?

Leave your details and get a guide as a gift to avoid mistakes

Article contents