OPEC+
Organizations & Companies abbreviation · International Organization
| Stands for | OPEC Plus |
|---|---|
| Categories | Organizations & Companies |
OPEC+ stands for OPEC Plus, an international organization abbreviation.
Alliance between OPEC members and other major oil producers, led by Russia, that jointly set production targets. Together the group accounts for a large share of global crude output.
Example: OPEC+ agreed to raise output by 411,000 barrels a day next month.
Usage notes
The arrangement began in late 2016 with the Declaration of Cooperation, as OPEC sought help supporting prices amid rising US shale production. Non-OPEC partners include Russia, Kazakhstan, Mexico and Oman. Its monthly meetings of a smaller group of key producers often move oil prices.
Related abbreviations
More international organization abbreviations
- OCHA – United Nations Office for the Coordination of Humanitarian Affairs
- OECD – Organisation for Economic Co-operation and Development
- OHCHR – Office of the United Nations High Commissioner for Human Rights
- OIC – Organisation of Islamic Cooperation
- OPCW – Organisation for the Prohibition of Chemical Weapons
- OPEC – Organization of the Petroleum Exporting Countries
- OSCE – Organization for Security and Co-operation in Europe
- PAHO – Pan American Health Organization
- PCA – Permanent Court of Arbitration
- RCEP – Regional Comprehensive Economic Partnership
- SAARC – South Asian Association for Regional Cooperation
- SADC – Southern African Development Community