OPEC+
a.k.a. OPEC Plus
OPEC plus a group of other big oil producers led by Russia, who coordinate how much crude they pump.
In plain English
OPEC plus a group of other big oil producers led by Russia, who coordinate how much crude they pump.
OPEC+ is the bigger table. Since 2016, the members of OPEC have teamed up with roughly ten other oil producers, Russia being the heavyweight, to agree on production targets together. Between them they control a large share of the world's oil supply.
When OPEC+ announces it will cut output, crude often jumps; when it opens the taps, prices can slide. Its meetings are big events for oil traders and for currencies tied to oil, like the Canadian dollar and Norwegian krone.
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