Declaration of Cooperation
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Declaration of Cooperation 5

Declaration

of Cooperation

Meeting of 24 Ministers from

OPEC and non-OPEC oil producing countries

30 November 2017 – Vienna, Austria

The Organization of Petroleum Exporting Countries (OPEC),

Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan,

Malaysia, Mexico, Sultanate of Oman, the Russian Federation,

Republic of Sudan, Republic of South Sudan.

Recalling

the rights of peoples and nations to permanent sovereignty

over their natural wealth and resources;

Taking into account

current oil market conditions and short- to medium-

term prospects;

Recognising

the need for joint cooperation of the oil exporting coun-

tries, to achieve a lasting stability in the oil market in the interest of oil

producers and consumers;

Recalling

that OPEC

Member Countries

met on

30 November 2016

and decided to undertake a production adjustment of

1.2 million bar-

rels a day (mb/d) for six (6) months, effective from 1 January 2017

;

Recalling

that on

10 December 2016, Azerbaijan, Kingdomof Bahrain,

Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia,