USA HISTORY

Detailed explanation-1: -OPEC, is an inter-governmental organization of 14 major oil producing countries which together produces about 40 percent of the world’s crude oil. OPEC oil exports represent about 60 percent of the total petroleum traded internationally.

Detailed explanation-2: -1 to set policy. The non-OPEC countries which export crude oil are termed as OPEC plus countries, these are the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017.

Detailed explanation-3: -The Organization of the Petroleum Exporting Countries (OPEC) and the broader coalition known as OPEC+ leverage their countries’ dominant market position to exert a strong influence over global oil prices.

Detailed explanation-4: -Saudi Arabia is by far the leading producer of crude oil among the selected OPEC countries, with an average daily production of roughly 9.1 million barrels in 2021. Iraq ranked second, at nearly four million barrels daily.