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of Cooperation

OPEC and non-OPEC

10 December 2016


D e c l a r a t i o n o f C o o p e r a t i o n

The OPEC Secretariat in Vienna, Austria,

venue of the 1


OPEC and non-OPEC Ministerial Meeting.

of the Conference, which saw the Conference decide to

adjust production down by about 1.2m b/d and imple-

ment a new OPEC production target of 32.5m b/d, effec-

tive from January 1, 2017.

This was the first production adjustment made by

OPEC since the ‘Oran Decision’ at the 151



Meeting of the OPEC Conference in December 2008. The

decision also established a framework for sustained,

structured and transparent dialogue and collaboration

with non-OPEC countries.

These ongoing and interrelated efforts led soon

after to a decision made by a group of non-OPEC pro-

ducers to adjust production at a joint OPEC/non-OPEC

ministerial level meeting in Vienna on December

10, which came to be known as the ‘Declaration of

OPEC bulletin 11/17