What it is
OPEC+ is an informal but influential coalition of 23 oil-exporting countries, comprising the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 other non-OPEC oil-producing nations, most notably Russia. Formed in 2016, its primary goal is to stabilize global oil markets by collectively agreeing on crude oil production quotas, influencing supply and, consequently, global oil prices.
Decisions by OPEC+ on production quotas significantly impact global oil prices, affecting energy costs for consumers and profitability for oil companies. Markets watch their meetings closely for signals on future supply, which can cause immediate price swings in Brent and WTI crude. Their actions also carry geopolitical weight, influencing relations between major oil consumers and producers.
Why it matters
OPEC+ decisions directly impact global oil supply and prices, influencing energy costs, inflation, and the profitability of energy investments.
Reviewed under editorial standardsUpdated September 26, 2026Not investment advice