Declaration of Cooperation 3
The desire of
Azerbaijan, the Kingdomof Bahrain, Brunei Darussalam,
Equatorial Guinea, Kazakhstan, Malaysia, Mexico, the Sultanate
of Oman, the Russian Federation, the Republic of Sudan,
Republic of South Sudan
, as well as other non-OPEC producers, to
achieve oil market stability in the interest of all oil producers and con-
sumers was recognized. In this regard, the aforementioned countries
proposed to adjust their oil production, voluntarily or through managed
starting from 1 January 2017 for six (6) months
for another six (6) months, to take into account prevailing market condi-
tions and prospects.
Azerbaijan, the Kingdom of Bahrain, Brunei Darussalam, Equatorial
Guinea, Kazakhstan, Malaysia, Mexico, the Sultanate of Oman, the
Russian Federation, the Republic of Sudan, and the Republic of South
Sudan committed to adjust their respective oil production, voluntarily or
through managed decline, in accordance with an accelerated schedule.
The combined reduction adjustment was agreed at
558,000 barrels a
for the aforementioned producers.
It was decided that two participating non-OPEC countries,
the Russian Federation
, alongside three OPEC Members,
, shall comprise a Joint Ministerial
Monitoring Committee (JMMC). The JMMC shall be chaired by Kuwait
with the Russian Federation as alternate chair and assisted by the
OPEC Secretariat. The
Kingdom of Saudi Arabia
, holder of the OPEC
Conference Presidency in 2017, would also attend the JMMC meetings.
Countries participating in the
Declaration of Cooperation
strengthen their cooperation, including through joint analyses and out-
looks, with a view to ensuring a sustainable oil market, for the benefit of
producers and consumers and to regularly review at the technical and
ministerial levels the status of their cooperation.
The Meeting recalled the rights of peoples and nations to permanent
sovereignty over their natural wealth and resources.