12/10/2023 | Press release | Distributed by Public on 12/10/2023 04:48
Seven years ago, on this day, 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 descended on Vienna, Austria, to discuss developments impacting the global oil market.
The meeting led to the birth of 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 historic efforts.
The adoption of the DoC 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.
HE Haitham Al Ghais, OPEC Secretary General, said: "The Declaration of Cooperation is a unique platform that facilitates cooperation between 23 oil-producing countries based on mutual respect, trust and dialogue. The framework has played a pivotal role in supporting market stability, global economic growth and energy security, despite the challenges they have encountered."
The framework's overarching objective is to support sustainable stability in the global oil market 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 DoC participating countries have continued to demonstrate their unwavering commitment to the framework and its objective. This was evident following the severe oil market contraction caused by the COVID-19 pandemic. These extraordinary 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.