Historic ‘Algiers Accord’ reaches seven years

The Organization of the Petroleum Exporting Countries (OPEC) today marks the seventh anniversary since the adoption of the historic ‘Algiers Accord’.

Seven years ago, on 28 September, the OPEC Conference met in Algiers, Algeria, for its 170th (Extraordinary) Meeting to discuss developments in the global oil market and explore ways to address severe market imbalance. The Conference then decided to form a high-level committee with a mandate to develop a framework for consultations between OPEC and non-OPEC oil-producing countries.

These historic decisions eventually led to the signing of the ‘Vienna Agreement’ at the 171st Meeting of the OPEC Conference on 30 November 2016 and the landmark ‘Declaration of Cooperation’ (DoC) between OPEC and non-OPEC oil-producing countries on 10 December of the same year in Vienna, Austria.

In reflecting on the anniversary, HE Haitham Al Ghais, OPEC Secretary General, said: “OPEC Member Countries and non-OPEC oil-producing countries participating in the ‘DoC’ process have gone above and beyond to support stability in the global oil market in the interest of all producers and consumers, and the landmark ‘Algiers Accord’ laid the necessary foundation for these extraordinary efforts.”

OPEC also celebrated its 63rd Anniversary earlier this month.