# What is OPEC+ and how is it different from OPEC? -
		U.S. Energy Information Administration (EIA)

> The EIA explains that OPEC+ grew from OPEC after a 2016 agreement with 10 other producers, including Russia. OPEC produced about 28.7 million b/d of crude in 2022, roughly 38% of world output.

- Date: 2023-05-09 · published 2023-05-09T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/35860-what-is-opec-and-how-is-it-different-from-opec-u-s-energy-information
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Understanding OPEC+ membership and its share of supply helps buyers judge how coordinated cuts can move crude prices.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-12-04 | [OPEC holds it 12th Ministerial and non-OPEC Ministerial Meeting – Energy Focus Report](https://feedsoft.ai/events/49557-opec-holds-it-12th-ministerial-and-non-opec-ministerial-meeting-energy-focus.md) | +2.5% | +4.1% |
| WTI | 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) | +0.5% | +7.0% |
| WTI | 2017-03-05 | [Trump administration a wild card for ethanol industry](https://feedsoft.ai/events/71987-trump-administration-a-wild-card-for-ethanol-industry.md) | -9.6% | -5.2% |
| WTI | 2022-10-06 | [Why is OPEC+ cutting oil production and what’s next? \| Explainer News \| Al Jazeera](https://feedsoft.ai/events/39328-why-is-opec-cutting-oil-production-and-what-s-next-explainer-news-al-jazeera.md) | -0.5% | +2.2% |
| WTI | 2021-07-18 | [OPEC And Allied Nations Have Agreed To End A Dispute That Has Roiled Energy Prices : NPR](https://feedsoft.ai/events/45992-opec-and-allied-nations-have-agreed-to-end-a-dispute-that-has-roiled-energy.md) | +0.6% | -4.7% |
| BRENT | 2016-11-30 | [Tighter marine fuel sulfur limits will spark changes by both refiners and vessel operators -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/74014-tighter-marine-fuel-sulfur-limits-will-spark-changes-by-both-refiners-and.md) | +16.7% | +22.1% |
| BRENT | 2018-12-14 | [Coming changes in marine fuel sulfur limits will affect global oil markets -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/61737-coming-changes-in-marine-fuel-sulfur-limits-will-affect-global-oil-markets-u-s.md) | -11.0% | -2.2% |
| BRENT | 2024-05-24 | [What is OPEC+ and how does it affect oil prices? \| Reuters](https://feedsoft.ai/events/30432-what-is-opec-and-how-does-it-affect-oil-prices-reuters.md) | +0.3% | +6.9% |

## Sources

- eia.gov: https://www.eia.gov/Todayinenergy/detail.php?id=56420

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