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5

OPEC bulletin 11/17

Declaration of Cooperation

Participating countries

IR Iran

Iraq

Kuwait

Libya

Nigeria

Algeria

Angola

Ecuador

Equatorial

Guinea

Gabon

Saudi Arabia

UAE

Venezuela

OPEC

non-OPEC

Qatar

Mexico

Oman

Russian

Federation

South

Sudan

Sudan

Azerbaijan

Bahrain

Brunei

Darussalam

Kazakhstan

Malaysia

History in the making

The 10

th

of December 2016 — the day of the 1

st

OPEC and non-OPEC Ministerial Meeting

— is a day that will long not be forgotten in energy history. On this day in Vienna, Austria,

at the OPEC headquarters, 13 OPEC Member Countries and 11 non-OPEC countries

committed to a sizable adjustment in crude oil production, known as the ‘Declaration

of Cooperation’, to help correct a powerful market imbalance which had started in the

summer of 2014 and had come to represent the longest down cycle in the industry’s

history.

OPEC and non-OPEC Ministers during the signing of the ‘Declaration of Cooperation’.

A

fter a great deal of lobbying and what has come to be

termed “shuttle diplomacy” throughout 2016, 24 leading

global oil producers, representing both OPEC and non-

OPEC countries, managed something remarkable: the signing of a

landmark agreement to undertake output adjustments in order to

help rebalance the oil market.

It was the first such cooperation between OPEC and non-OPEC

oil producing countries in 15 years — and the market reacted