OPEC+
OPEC plus allied oil producers, including Russia, that coordinate production quotas to influence supply and prices.
OPEC+ combines the members of OPEC with a group of non-OPEC producers led by Russia. Members agree production quotas, and changes are usually announced after periodic ministerial meetings. Compliance varies by country, and some members have more spare capacity than others.
Traders care because quota decisions shift expected supply, and markets react to both the announcement and the gap between quota and actual output. A group that is well under quota has less spare supply than the headline numbers suggest. Track compliance surveys and spare capacity estimates alongside the announcements.
Worked example (illustrative numbers, not real data): a group sets a quota of 30 million barrels per day but produces 29 million. It is 1 million barrels per day under quota, and that gap is supply the market does not get.