OPEC+ is an expanded format of OPEC, formed in November 2016, which includes 10 more countries led by Russia (14% of world oil production) to regulate the oil market. OPEC+ controls 55% of the world's oil supplies and 90% of proven reserves. OPEC+ countries in October 2022 reduced the quota for oil production by 2 million barrels per day and extended the deal until 2023.
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