OPEC bulletin 11/17
D e c l a r a t i o n o f C o o p e r a t i o n
Witnesses to history
The ‘Declaration of Cooperation’ was certainly a landmark decision.
It represented not just a pledge by (originally) 13 OPEC and 11 non-
OPEC producers at the joint ministerial-level meeting in Vienna
on December 10, 2016. It also exemplified the commitment that
participating producer nations made to the global community in their
ongoing efforts to restore and sustain market stability with positive
and broad implications for the world economy, oil industry, as well as
producers and consumers. Additionally, the Declaration underlined
the firm resolve that both OPEC and non-OPEC countries made
together in order to achieve an accelerated realignment of global oil
supply and demand.
In the lengthy consultative process leading to the ‘Declaration
of Cooperation’, and in the many months thereafter in which the
mechanisms set up by the signatories to facilitate the implementation
of the decisions — that is, the Joint Ministerial Monitoring Committee
(JMMC) and the Joint Technical Committee (JTC) — all 24 participating
OPEC and non-OPEC countries played critical and supportive roles.
Theirs was truly a noble task and the result was a shared success, the
product of open communications, flexibility, mutual understanding
and consensus building.
For this ‘Special Edition’ of the
, we have asked some of
the key protagonists to share with us their thoughts about the process
leading to last year’s ministerial meetings, and about the drafting and
signing of the ‘Declaration of Cooperation’. What follow are selected
questions and answers that we are now grateful to be able to bring
together for posterity — and for the public’s greater understanding
of the important work and the tireless efforts that culminated in the
signing of the historic ‘Declaration of Cooperation’.