Oil producers from OPEC and non-OPEC sign historic declaration
Ten non-OPEC oil-producing countries and OPEC Member Countries signed the Declaration of Cooperation (DoC) on 10 December 2022. At the OPEC Headquarters in Vienna, Austria, OPEC Member Countries, Azerbaijan, Bahrain, Brunei Darussalam, Equatorial Guinea, which joined later, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan met on this day in 2016 to establish the DoC as a forum for cooperation and dialogue. These extraordinary efforts were supported by other producers.
The pivotal decisions taken at the inaugural OPEC and non-OPEC Ministerial Meeting built on the successful Algiers Accord signed in Algiers, Algeria on 28 September 2016 at the OPEC Conference’s 170th (Extraordinary) Meeting. At the 171st Meeting of the OPEC Conference on 30 November 2016, the Vienna Agreement was reached.
“The Declaration of Cooperation is an unprecedented collaborative framework built on trust, mutual respect, and dialogue, as stated by Haitham Al Ghais, Secretary General of OPEC,” said the Secretary General. The framework has been in place for the past six years and continues to ensure market stability, which is crucial to growth and development, and attracts investment in order to ensure energy security..”
Through cooperation and dialogue, including at the research and technical levels, the DoC aims to secure sustainable oil market stability for all producers, consumers, and investors. Despite the severe oil market contraction caused by COVID-19, DoC participants remain committed to a stable oil market. In addition to being recognized by other international organizations and government agencies, these efforts have contributed to the global pandemic recovery process.