UAE exits OPEC: What is OPEC+, its members, and what does the bloc do?

OPEC+ now controls nearly half of global oil output, reshaping energy markets and geopolitical alliances in 2025. | Contesto: cronaca

Punti chiave

• UAE exits OPEC: What is OPEC+, its members, and what does the bloc do?

Contesto

In 2025, the expanded alliance known as OPEC+ is producing nearly 50 percent of the world’s oil and oil liquids, according to the International Energy Agency, marking a historic consolidation of energy market power that is reshaping global supply dynamics and geopolitical alignments. The bloc, which includes the 13 members of the Organization of the Petroleum Exporting Countries plus 10 additional oil-producing nations led by Russia, has steadily increased its market share over the past decade. The IEA’s latest data underscores how OPEC+ has become the dominant force in global oil production, a shift driven by coordinated output cuts and strategic expansions that have allowed the group to influence prices and supply levels more effectively than any single nation or traditional OPEC alone. OPEC+ was formed in 2016 when OPEC members, facing a glut of supply and falling prices, sought to formalize cooperation with non-OPEC producers such as Russia, Kazakhstan, and Mexico. The alliance’s ability to enforce production quotas has been tested by internal disagreements, most notably in 2020 when a price war between Saudi Arabia and Russia briefly flooded markets. However, the group has since regained cohesion, and its output decisions now ripple through global energy markets, affecting everything from gasoline prices in the United States to economic planning in China and India. The significance of OPEC+ controlling nearly half of global production cannot be overstated. This concentration of supply gives the bloc outsized influence over crude oil prices, which in turn impacts inflation, transportation costs, and energy security for importing nations. The IEA has warned that such market power could lead to price volatility if the group chooses to restrict output further, particularly as demand from developing economies continues to rise. At the same time, the alliance faces mounting pressure from climate policies and the energy transition, which could erode long-term demand for fossil fuels. Geopolitically, OPEC+ has become a forum where rival nations coordinate energy policy, often with implications beyond oil. Russia’s role within the group, for instance, has allowed...

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Categoria: cronaca