Definition

OPEC+ refers to the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC oil-producing nations, most notably Russia, that coordinate crude oil production levels to influence global supply and stabilize prices. Formalized in December 2016, the OPEC+ framework expanded the traditional OPEC cartel’s market influence by incorporating major non-member producers into a unified production management agreement. The group collectively controls approximately 40 percent of global oil production and holds the vast majority of the world’s proven reserves.

UAE Context

The UAE, through ADNOC, is one of the most significant members of OPEC+. The country’s production capacity of approximately 4 million barrels per day makes it the third-largest producer within OPEC after Saudi Arabia and Iraq. The UAE has historically played a complex role in OPEC+ negotiations, balancing loyalty to the alliance with a desire to maximize production from its significant spare capacity. In mid-2021, a notable dispute emerged when the UAE pushed for a higher production baseline, reflecting the country’s substantial investments in expanding production capacity. The outcome secured the UAE a higher baseline allocation, acknowledging its expanded capabilities.

Key Data

• OPEC+ formation: December 2016
• Total OPEC+ members: 23 countries (13 OPEC + 10 non-OPEC)
• UAE production capacity: Approximately 4 million barrels per day
• UAE OPEC+ baseline: Adjusted upward to reflect expanded capacity
• Global market share: OPEC+ controls roughly 40 percent of world oil output
• Meeting frequency: Monthly ministerial meetings with periodic full summits

Significance for Vision 2031

OPEC+ dynamics directly affect the UAE’s fiscal position and pace of economic diversification. Managed oil prices provide the revenue stability needed to fund Vision 2031 investments in infrastructure, technology, and social development. However, the long-term trend of energy transition and peak oil demand forecasts also motivate the UAE to accelerate diversification. The UAE’s OPEC+ strategy of maximizing short-term production revenue while simultaneously investing in non-oil economic capacity embodies the dual imperative at the heart of Vision 2031: extract maximum value from hydrocarbons while building the economy of the future.

Related Terms

• ADNOC - The UAE’s national oil company and OPEC+ production operator
• Non-Oil GDP - The diversification metric that hedges against oil market volatility
• Sovereign Wealth Fund - Vehicles that invest OPEC+-managed oil revenues