The Declaration of Cooperation (DoC) constitutes an unprecedented milestone in the history of the Organization of the Petroleum Exporting Countries (OPEC).

In late 2016, after months of talks, the Algiers Accord was signed by a group of OPEC and non-OPEC producers. The resulting DoC was agreed on 10 December of the same year. For the first time ever, OPEC Member Countries coordinated with a number of non-OPEC oil producing countries in a concerted effort to accelerate the stabilization of the global oil market.

The DoC started as a group of OPEC and non-OPEC producers responding to a severe market downturn that began in 2014. People, businesses and economies were being hit hard. Quick action was needed to help restore stability.

The landmark framework changed the course of history, helping return balance and stability to the market. The tenants upon which the DoC was built back in 2016 continue to guide it today.

Another milestone was reached in mid-2019 when the Charter of Cooperation (CoC) was formed. This more permanent platform tackles issues of common interest, such as technology, climate change and further energy pathways.

In 2020, DoC producers were put to the test again when COVID-19 reared its ugly head. The market underwent an unprecedented demand crash. DoC producers responded quickly, efficiently and effectively, adjusting production down by 9.7 mb/d. This strong action prevented much more damage, even a possible oil market collapse. Over the ensuing months and years, participants have worked further to stabilize the market as it recovered from the pandemic.

The historic cooperation has strengthened OPEC’s role in spearheading cooperation and dialogue in the name of market stability and energy security. This includes a focus on the need for healthy industry investment levels and energy access for all.

It has also seen producers look to develop sustainable climate solutions, with an all-energies, all-technologies and all-peoples approach that leaves no one behind.

Back in 2016, the group heralded in a new era of cooperation and today it has become an essential feature in the ‘new world of energy’. The path over the past eight years and more has been challenging and winding, but the DoC’s success is a remarkable testament to the power of cooperation.

It is a platform with a compelling past, a resilient present, and one that enables the Organization to embrace the opportunities and tackle the challenges of the future.