OPEC+ definition

OPEC+ is a wider alliance of oil-producing countries that brings together the members of OPEC, the Organization of the Petroleum Exporting Countries, with allied producers such as Russia to coordinate crude output. The group aims to influence global supply and, with it, oil prices.

Members agree on production targets, raising or lowering how many barrels they pump to balance supply against demand. When OPEC+ cuts output, it tightens supply and tends to push prices up; when it raises output, the added supply tends to pull prices down.

OPEC+ should not be confused with OPEC alone. OPEC is the core group of member states, while OPEC+ adds non-member allies, most notably Russia, giving the alliance a larger share of world production and more influence over prices.