Topics Covered: Important International institutions, agencies and fora, their structure, mandate.
What is the Opec+?
Context:
Russia expects to support an increase in oil production by OPEC+, of another 500,000 barrels per day (bpd) from February at next month’s summit of the leading global oil producers.
Background:
Russia, other leading oil producers and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, agreed to reduce output to support the global oil market as the COVID-19 pandemic has weakened fuel demand.
- Since the agreement on a record global supply cut in April, OPEC+ has progressively reduced the cuts and is expected in January to release an extra 5,00,000 bpd into the market.
What is the Opec+?
- Opec+ refers to the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017.
- OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
InstaLinks:
Prelims Link:
- Founder members of OPEC.
- Top oil producers?
- India’s crude oil imports?
- Components and refining of crude oil.
- Crude oil storage facilities in India?
- Geographical location of OPEC members.
- Type of Crude oil produced by OPEC and non-OPEC members.
- What is OPEC+?
Mains Link:
How groups, such as OPEC, influence oil prices across the world? Discuss.
Sources: the Hindu.
