The Vienna-based institution convenes for regular meetings to assess the state of supply and demand in the marketplace, and its pronouncements can still spark major price swings.
Today, Opec pumps about one third of global oil - but Opec+ accounts for almost 50 per cent, giving it greater clout. This despite the larger Opec+ in March failing to agree on a new strategy - with Russia refusing cartel kingpin Saudi Arabia's request to cut their collective output and combat a virus-fuelled slump in crude demand.
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