Declaration of Cooperation
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Declaration of Cooperation 7

and furthermore, that the

JTC

, supported by the

OPEC Secretariat

,

shall continue to provide its monthly technical assistance to the Bodies

of the

Declaration of Cooperation

;

Recognising

the desire of OPEC and the participating non-OPEC coun-

tries to achieve oil market stability in the interest of all oil producers and

consumers;

Recognising

the importance of conforming to the content of the

Declaration of Cooperation;

Convinced

of the necessity to jointly cooperate to help stabilize the oil

market;

OPEC and the aforementioned non-OPEC producing countries have

reached the following commitment:

• OPEC maintains its decisions made on

30 November 2017

;

• The

Declaration of Cooperation

is hereby amended to take effect

for the whole year of

2018

from

January to December 2018

, while

pledging full and timely conformity of OPEC and participating non-

OPEC countries in accordance with voluntary agreed production

adjustments.

• In view of the

uncertainties

associated mainly with

supply

and, to

some extent,

demand growth

it is intended that in

June 2018

, the

opportunity of further adjustment actions will be considered based on

prevailing market conditions and the progress achieved towards re-

balancing of the oil market at that time.

Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan,

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

Republic of Sudan, Republic of South Sudan

maintain to continue

to adjust their respective oil production, voluntarily or through man-

aged decline.