OPEC+ is an international cooperative framework, not a formal institution, that functions as an alliance of major oil-exporting nations to influence the global crude oil market. The concept originated in 2016 when the Organization of the Petroleum Exporting Countries (OPEC) reached a historic production cut agreement with ten other non-OPEC oil-producing countries, including Russia. This alliance was created to solve the problem of dramatically falling oil prices, which were driven partly by a global oil glut and the significant increase in U.S. shale oil output.
The mechanism of OPEC+ works through the Declaration of Cooperation, where member countries collectively agree to adjust their oil production levels, primarily by setting output quotas. The key provision is the coordinated reduction or increase in crude oil supply to stabilize prices and balance the market, which is monitored by the Joint Ministerial Monitoring Committee (JMMC). The alliance connects directly to its core institution, OPEC, which was established in 1960 by five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—to coordinate their petroleum policies. The combined group, which includes non-OPEC members like Russia, Mexico, and Kazakhstan, accounts for approximately 59% of global oil production, giving it substantial influence over world oil prices.
The alliance has seen recent changes, such as the April 2023 agreement by members to cut oil production by 1.2 million barrels per day (b/d), which was in addition to existing cuts. More recently, in March 2026, eight core OPEC+ countries decided to resume the unwinding of a 1.65 million b/d voluntary adjustment, with a production increase of 206 thousand b/d implemented in April 2026. A significant recent development is the announcement by the United Arab Emirates of its intention to exit both OPEC and OPEC+ effective May 1, 2026, which could weaken the cartel's ability to stabilize supply.