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

> A Reuters explainer describes the history and structure of OPEC+, noting it includes 12 countries and represents about 41% of global oil production. It also covers past episodes of production cuts.

- Date: 2024-05-24 · published 2024-05-24T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/30432-what-is-opec-and-how-does-it-affect-oil-prices-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Background on OPEC+ control over output helps buyers understand why policy decisions move crude and energy-linked input costs.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-07-07 | [OPEC+ is pumping more oil, but is it needed and at what price?](https://feedsoft.ai/events/23674-opec-is-pumping-more-oil-but-is-it-needed-and-at-what-price.md) | +2.2% | +0.7% |
| BRENT | 2016-11-30 | [OPEC Production Cut: What It Really Means for Oil Prices \| Fortune](https://feedsoft.ai/events/74026-opec-production-cut-what-it-really-means-for-oil-prices-fortune.md) | +16.7% | +22.1% |
| BRENT | 2022-10-07 | [EXPLAINER: How will OPEC+ cuts affect gas prices, inflation? \| AP News](https://feedsoft.ai/events/39059-explainer-how-will-opec-cuts-affect-gas-prices-inflation-ap-news.md) | -0.2% | -0.1% |
| BRENT | 2020-12-03 | [Here’s What OPEC And Its Allies Agreed Upon On Oil Production](https://feedsoft.ai/events/49560-here-s-what-opec-and-its-allies-agreed-upon-on-oil-production.md) | +1.7% | +7.3% |
| BRENT | 2019-02-13 | ['Shock and Awe' OPEC Oil Cuts Boost Prices](https://feedsoft.ai/events/60762-shock-and-awe-opec-oil-cuts-boost-prices.md) | +5.8% | +5.6% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.