OPEC+

OPEC+ is an alliance of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, plus a group of other major oil producers including Russia, who coordinate how much crude oil to pump. By agreeing to cut or raise production together, the group can meaningfully move the global oil price, since its members control a large share of world supply. A surprise OPEC+ production cut tends to push gas prices higher within weeks, while a decision to pump more can ease prices at the pump, which is why its meetings get outsized attention even though most people will never buy a barrel of oil directly.