OPEC countries and Russia will pump significantly less oil, the biggest drop since the crown pandemic began

What is OPEC and OPEC +?

OPEC, the Organization of Petroleum Exporting Countries, is a partnership between thirteen countries with the aim of setting a reasonable oil price for consumers and producers. Currently, Iraq, Iran, Kuwait, Saudi Arabia, Venezuela, Libya, United Arab Emirates, Algeria, Nigeria, Gabon, Angola, Equatorial Guinea and the Republic of the Congo are members of OPEC. The OPEC headquarters are located in the Austrian capital Vienna.

There are also a dozen non-OPEC members considered allies of the oil cartel, including Russia, Sudan and Mexico. Together they form OPEC +, but in practice Russia is an important partner of OPEC. It is surprising that Saudi Arabia did not condemn the Russian invasion of Ukraine. Relations between the Saudis and the United States have cooled after the inauguration of President Biden.

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