OPEC Marks 8Th Anniversary Of Historic Vienna Agreement

11/30/2024 7:09:38 PM

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Nov 30 (KUNA) -- The Organization of the petroleum Exporting Countries hailed on Saturday the contributions to the stability of the global oil market by the landmark Vienna Agreement reached at the 171st Meeting of the OPEC conference on November 30, 2016.
Celebrating the eighth anniversary of the deal, the OPEC Secretariat said the historic agreement built on the landmark 'Algiers Accord,' which was endorsed at the 170th (Extraordinary) Meeting of the OPEC Conference on September 28, 2016, in Algiers, Algeria.
The Algiers Accord "paved the way for adopting the historic 'Declaration of Cooperation' (DoC) between OPEC Member Countries and several non-OPEC oil-producing nations in Vienna on December 10, 2016, to support oil market stability," reads a statement from the Secretariat.
"The Vienna Agreement constitutes a significant milestone in the history of the oil industry, as its adoption facilitated establishing a robust, multilateral platform for collaboration and dialogue with the objective to support stability in the global oil market - the Declaration of Cooperation," OPEC Secretary-General Haitham Al-Ghais said.
"Eight years later, these efforts continue to prove to be effective and valuable, as they have helped overcoming several market instabilities, including the downturn that resulted from the outbreak of COVID-19," Al-Ghais added.
OPEC Member Countries and non-OPEC oil-producing countries participating in the DoC endeavour to support market stability for benefit of all industry stakeholders, including producers, consumers and investors, as well as the global economy at large.
These efforts also underpin the Organization's views on the importance of multilateralism, international cooperation and dialogue, the statement noted. (end)
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