(MENAFN- AzerNews) The Declaration of Cooperation (DoC) between OPEC Member
Countries and 10 non-OPEC oil-producing countries turned six on
December 10, 2022, OPEC told Azernews.
On this day in 2016, OPEC Member Countries and Azerbaijan; the
Kingdom of Bahrain; Brunei Darussalam; Equatorial Guinea, which
later joined OPEC; Kazakhstan; Malaysia; Mexico; the Sultanate of
Oman; the Russian Federation; the Republic of Sudan; and the
Republic of South Sudan, met at the OPEC Headquarters in Vienna,
Austria, and decided to establish the DoC as a platform for
cooperation and dialogue in the interest of oil market stability.
Other producers attended the meeting in support of these
extraordinary efforts.
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 170th
(Extraordinary) Meeting of the OPEC Conference and the subsequent
'Vienna Agreement' decided on 30 November of the same year in
Vienna, Austria, at the 171st Meeting of the OPEC Conference.
OPEC Secretary General, HE Haitham Al Ghais, said,“The
Declaration of Cooperation is an unprecedented collaborative
framework of 23 oil-producing countries that is based on trust,
mutual respect and dialogue. Six years later, the framework
continues to play an instrumental role in supporting market
stability, which is essential for growth and development, as well
as attracting the necessary investment to ensure energy
security.”
The DoC aims to secure sustainable oil market stability through
cooperation and dialogue, including at the research and technical
levels, for the benefit of all producers, consumers and investors,
as well as the global economy at large.
The commitment of the DoC participants to a stable oil market
has once again been evident following the severe oil market
contraction caused by the COVID-19 pandemic. These efforts have
supported the global pandemic recovery process, and have been
recognized at the highest levels of government and by other
international organizations and academia.
'Today marks the sixth anniversary of the historic Declaration
of Cooperation, which was signed at the First #OPECnonOPEC
Ministerial Meeting on 10 December 2016 in Vienna, Austria. The
framework aims to secure sustainable oil market stability through
cooperation and dialogue for the benefit of all producers,
consumers and investors, as well as the global economy at large.
#OPEC SG HE #HaithamAlGhais said, 'The Declaration of Cooperation
is an unprecedented collaborative framework of 23 oil-producing
countries that is based on trust, mutual respect and dialogue. Six
years later, the framework continues to play an instrumental role
in supporting market stability, which is essential for growth and
development, as well as attracting the necessary investment to
ensure energy security ',' the organization tweeted.
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