OPEC is looking a lot more like OPEC+ these days, analysts said following yesterday's meeting in Vienna where OPEC and non-OPEC nations alike agreed to keep their oil output levels for another nine months.
What happened: In their concluding press conference with Russia, OPEC leaders said they are working to "institutionalize" their dialogue with other non-member states, according to Leslie Hayward, vice president at Securing America's Future Energy, a group of U.S. military leaders and businesses working to wean America off oil altogether.
Why it matters: It could concentrate even more power and influence with Saudi Arabia, the de facto leader of OPEC. Writing from the talks in Vienna, Hayward tells Axios: "OPEC already controls some 60 to 80 percent of the world's reserves, but it's looking to expand its reach."
The dealmaking: The production deal comprises the 14 OPEC nations (including newbie Equatorial Guinea, which joined Thursday) as well as 10 non-OPEC nations, most notably Russia, the world's largest oil producer.