What is OPEC+ and how does it affect oil prices?

OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now it includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil.

Read More:https://www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/#:~:text=In%202020%2C%20during%20COVID%2D19,to%20try%20to%20bolster%20prices.