OPEC and non-OPEC oil-producing countries re-affirm commitment to unity, full cohesion and market stability through the Declaration of Cooperation (DoC)

No 01/2024
Vienna, Austria
03 Jan 2024

At the outset of 2024, the OPEC Secretariat in consultation with OPEC Member Countries and the non-OPEC producing countries participating in the DoC, re-affirms the full commitment by the countries participating in the DoC to unity and cohesion, as well as their continued and unwavering efforts to maintain oil market stability going forward through the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings.

Moreover, OPEC Member Countries re-affirm their steadfast commitment to the shared objectives of unity and cohesion both within the Organization, and with the non-OPEC producing countries participating in the DoC.

The extraordinary efforts by OPEC Member Countries and non-OPEC producing countries participating in the DoC have been evident in supporting the global economy to overcome the many challenges witnessed throughout the past several years, including the COVID 19 pandemic, and have ensured stability of the oil market especially when compared to other commodities.

The unprecedented levels of cooperation, dialogue, mutual respect and trust will continue to be the basis for these continued collaborative efforts going forward. This is for the benefit of all producers, consumers and investors, as well as the global economy at large.