OFF-OPEC market

The "off-OPEC market" refers to the global oil market outside of the Organization of the Petroleum Exporting Countries (OPEC), which includes countries like North America, the former Soviet Union, and the North Sea.

Here's a more detailed explanation:

OPEC's Role:

OPEC is a group of oil-producing countries that aims to coordinate and unify petroleum policies to stabilize oil markets and ensure a regular supply of oil.

Non-OPEC Production:

Oil production from countries outside of OPEC currently accounts for about 60% of global oil production.

Key Non-OPEC Regions:

Significant non-OPEC oil-producing regions include North America, the former Soviet Union, and the North Sea.

Market Dynamics:

The off-OPEC market plays a crucial role in global oil supply and price dynamics, as it contributes a significant portion of the world's oil production.

OPEC+:

While OPEC is the primary focus, the term "OPEC+" has emerged to include non-OPEC oil-producing countries that cooperate with OPEC in production decisions, such as Russia.

Market Stability:

OPEC and non-OPEC producers, including those in OPEC+, work together to stabilize global oil markets and ensure a balanced supply and demand.

Examples of Cooperation:

In 2016, OPEC and 10 non-OPEC countries signed the Declaration of Cooperation to rebalance the market, and in 2019, the Charter of Cooperation was established to promote long-term cooperation and dialogue.