{"id":917,"date":"2026-03-10T09:17:16","date_gmt":"2026-03-10T09:17:16","guid":{"rendered":"https:\/\/materials.simplycurrentaffairs.com\/?p=917"},"modified":"2026-03-12T09:17:23","modified_gmt":"2026-03-12T09:17:23","slug":"opec","status":"publish","type":"post","link":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/2026\/03\/10\/opec\/","title":{"rendered":"OPEC"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#199668\" class=\"has-inline-color\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>OPEC<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong><strong><strong><strong><strong>About<\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Organization of the Petroleum Exporting Countries (OPEC) is a <strong>permanent, intergovernmental body<\/strong> comprising <strong>12 oil-exporting developing nations.<\/strong><\/li>\n\n\n\n<li>Established during the <strong>Baghdad Conference in 1960,<\/strong> its primary mandate is to <strong>coordinate petroleum policies and provide technical\/economic assistance to its members.<\/strong><\/li>\n\n\n\n<li><strong>Founding Members:<\/strong> Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.<\/li>\n\n\n\n<li><strong>Other Current Members:<\/strong> UAE, Libya, Algeria, Nigeria, Congo, Equatorial Guinea, and Gabon.<\/li>\n\n\n\n<li><strong>It operates as a cartel<\/strong>, influencing global oil prices by regulating production levels (increasing production to lower prices and cutting production to raise them).<\/li>\n\n\n\n<li><strong>Headquarters:<\/strong> Located in <strong>Vienna, Austria<\/strong> (notably, <strong>Austria is not a member<\/strong>).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong><strong><strong><strong><strong>&#8220;OPEC Plus&#8221; Alliance<\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>2014 oil crisis<\/strong>, triggered by a massive oversupply that sent prices crashing below $30 per barrel, led to a strategic shift in global energy politics. To regain control over market stability, <strong>OPEC began collaborating with several non-OPEC producers.<\/strong><\/li>\n\n\n\n<li><strong>Partners:<\/strong> Includes <strong>Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan.<\/strong><\/li>\n\n\n\n<li>This broader alliance, known as <strong>OPEC Plus<\/strong>, coordinates production cuts to prevent price collapses and manage the global supply-demand balance.<\/li>\n\n\n\n<li>Together, the OPEC Plus nations account for approximately <strong>40% of the world&#8217;s crude oil production<\/strong>, giving them significant leverage over the global economy.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>OPEC About &#8220;OPEC Plus&#8221; Alliance<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-917","post","type-post","status-publish","format-standard","hentry","category-international-relations"],"_links":{"self":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/comments?post=917"}],"version-history":[{"count":1,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/917\/revisions"}],"predecessor-version":[{"id":918,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/917\/revisions\/918"}],"wp:attachment":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/media?parent=917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/categories?post=917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/tags?post=917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}