Declaration of Cooperation

The Declaration of Cooperation constitutes an unprecedented milestone in the history of the Organization of the Petroleum Exporting Countries (OPEC). For the first time ever, the Member Countries of OPEC coordinated with 11 non-OPEC oil producing countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary production adjustments, which amounted to approximately 1.8 million barrels per day.

The Declaration was an outcome of the Joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016 and was effective for an initial period of six months. The Second Joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting, held on 25 May 2017, decided to extend the voluntary production adjustments for another nine months commencing 1 July 2017. The sustainable oil market stability sought by the Declaration is in the interests of producers, consumers, investors and the global economy at large.

The core principles of transparency, equity and fairness which have underpinned the Declaration of Cooperation infuse all aspects of OPEC’s interactions with its non-OPEC oil producing partners, including cooperation at a research and technical level.

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Declaration of Cooperation

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