OPEC
MacroDefinition
Organization of Petroleum Exporting Countries. 13 oil-producing nations (Saudi Arabia, Iran, Iraq, UAE, Kuwait, etc.) coordinating production policy. OPEC+ adds Russia and 9 other major producers, forming the dominant oil-supply cartel.
Decisions move oil prices: 2020 pandemic shock cut produced 9.7M bpd; 2022-23 cuts kept Brent above $80. Internal cohesion is fragile — quota cheating and political fissures (Saudi-Iran rivalry) limit the cartel's pricing power.
Decisions move oil prices: 2020 pandemic shock cut produced 9.7M bpd; 2022-23 cuts kept Brent above $80. Internal cohesion is fragile — quota cheating and political fissures (Saudi-Iran rivalry) limit the cartel's pricing power.