Algiers Accord Turns Eight: Historic Testament To OPEC’S Unwavering Commitment To Oil Market Stability
Date
10/1/2024 3:17:50 PM
(MENAFN- Caribbean News Global) VIENNA, Austria – The historic Algiers Accord, signed by OPEC Member Countries in 2016 in Algiers, Algeria, reached eight years.
On 28 September 2016, the OPEC conference convened for its 170th (Extraordinary) Meeting in the Algerian capital to discuss the conditions of the global oil market and examine ways to address the severe market imbalance. The momentous meeting led to the adoption of the landmark 'Algiers Accord', as well as the establishment of a high-level committee mandated to develop a framework for consultations between OPEC and non-OPEC oil-producing countries.
OPEC's extraordinary efforts paved the way for the signing of the 'Vienna Agreement' at the 171st Meeting of the OPEC Conference on 30 November 2016. These landmark decisions led to the birth of the historic Declaration of Cooperation between OPEC and several non-OPEC oil-producing countries on 10 December of the same year with the objective to support oil market stability for the benefit of all industry stakeholders and the global economy at large.
HE Haitham Al Ghais, secretary-general of OPEC, said:
“The Algiers Accord was an extraordinary moment in the history of the oil industry, as it did not only set the foundation for what later became a vital force for stability and balance in the global oil market – the landmark Declaration of Cooperation – but it also demonstrated OPEC's sacrificing, responsible and inclusive approach that considers all stakeholders in the industry.”
“Looking back, the Declaration of Cooperation has supported stability in the global oil market, and by extension economic growth and development worldwide, despite the challenges encountered, such as the market downturn caused by the outbreak of COVID-19.”
Earlier this month, the Organization marked the 64th anniversary of its founding. OPEC was formed on 10-14 September 1960 in the Iraqi capital of Baghdad by its five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC is currently made up of 12 Member Countries.
The post Algiers Accord turns eight: Historic testament to OPEC's unwavering commitment to oil market stability appeared first on Caribbean News Global .
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