OPEC and non-OPEC
10 December 2016
D e c l a r a t i o n o f C o o p e r a t i o n
The OPEC Secretariat in Vienna, Austria,
venue of the 1
OPEC and non-OPEC Ministerial Meeting.
of the Conference, which saw the Conference decide to
adjust production down by about 1.2m b/d and imple-
ment a new OPEC production target of 32.5m b/d, effec-
tive from January 1, 2017.
This was the first production adjustment made by
OPEC since the ‘Oran Decision’ at the 151
Meeting of the OPEC Conference in December 2008. The
decision also established a framework for sustained,
structured and transparent dialogue and collaboration
with non-OPEC countries.
These ongoing and interrelated efforts led soon
after to a decision made by a group of non-OPEC pro-
ducers to adjust production at a joint OPEC/non-OPEC
ministerial level meeting in Vienna on December
10, which came to be known as the ‘Declaration of
OPEC bulletin 11/17