Explainer-What is OPEC+ and how does it affect oil prices?

LONDON, April 28 (Reuters) – The United Arab Emirates, one of OPEC+’s largest producers, will leave the oil producers’ alliance on May 1, it said on Tuesday. The Organization of the Petroleum Exporting Countries and allies, including Russia, are known collectively as OPEC+. Last year, the group produced nearly 50% of the world’s oil and oil liquids, according to International Energy Agency estimates. The UAE is the fourth largest producer in OPEC+. Below are facts about OPEC+ and its role. WHAT ARE OPEC AND OPEC+?