2nd June 2025 (12 Topics)
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OPEC+ Output Rollback
Context
OPEC+ has begun gradually reversing 2.2 million barrels per day in voluntary oil production cuts, with eight key members set to increase output from July 2025. This phased rollback follows earlier increments starting in April and comes amid ongoing group-wide production curbs aimed at stabilizing global oil markets.
OPEC & OPEC+:
OPEC (Organization of the Petroleum Exporting Countries)
- Type: Permanent, intergovernmental organization
- Founded: 1960 (Baghdad, Iraq)
- Founding Members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela
- Current Headquarters: Vienna, Austria
OPEC Member Countries (as of 2025) – 12 members
- Algeria
- Congo (Brazzaville)
- Equatorial Guinea
- Gabon
- Iran
- Iraq
- Kuwait
- Libya
- Nigeria
- Saudi Arabia
- United Arab Emirates
- Venezuela
Angola officially withdrew from OPEC on January 1, 2024
OPEC+:
- OPEC+ is a coalition of OPEC and 10 other oil-producing countries formed to coordinate and manage crude oil production and prices globally.
- Formed: 2016 (during the oil price crash)
- Objective: To institutionalize cooperation between OPEC and non-OPEC producers to stabilize the global oil market.
OPEC+ Composition (22 Members = 12 OPEC + 10 non-OPEC):
- OPEC Members (12)
- Non-OPEC Members (10)
-
- Azerbaijan
- Bahrain
- Brunei
- Kazakhstan
- Malaysia
- Mexico
- Oman
- Russia
- South Sudan
- Sudan
Recent Development:
- Voluntary Production Cuts (2023–2025):
- OPEC+ had implemented voluntary oil output cuts totaling 2.2 million barrels per day (bpd).
- Eight countries involved in these cuts: Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, UAE
- Current Status (2025):
- These 8 countries have begun a phased rollback of 2.2 million bpd cuts, starting from April 2025, with additional increases in July 2025 (411,000 bpd).
- This rollback is due to shifts in global demand and supply dynamics.
PYQ:Other than Venezuela, which one among the following from South America is a member of OPEC? (2009) (a) Argentina |
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