OPEC+

OPEC+ is a coordinating group of oil-exporting countries, combining the original OPEC members with Russia and other producers, that sets production targets to influence the global oil price.

OPEC+ grew out of the original Organization of the Petroleum Exporting Countries by adding Russia and several other major oil producers that are not OPEC members, forming a wider coalition with more combined influence over the global oil supply than OPEC alone could exercise. Member countries meet periodically to agree production targets, effectively a system of quotas, aimed at keeping the price at a level the group considers acceptable.

Because member countries have different costs, debt levels, and political pressures, agreeing on quotas is only half the challenge; enforcing them is the other. Some members have a long history of producing above their assigned quota, and disagreements over quota levels have occasionally led to countries abandoning restraint and pumping at capacity, a strategy aimed at pressuring rivals rather than raising near-term revenue. See why commodity prices spike.