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OPEC bulletin 11/17

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

Witnesses to history

The ‘Declaration of Cooperation’ was certainly a landmark decision.

It represented not just a pledge by (originally) 13 OPEC and 11 non-

OPEC producers at the joint ministerial-level meeting in Vienna

on December 10, 2016. It also exemplified the commitment that

participating producer nations made to the global community in their

ongoing efforts to restore and sustain market stability with positive

and broad implications for the world economy, oil industry, as well as

producers and consumers. Additionally, the Declaration underlined

the firm resolve that both OPEC and non-OPEC countries made

together in order to achieve an accelerated realignment of global oil

supply and demand.

In the lengthy consultative process leading to the ‘Declaration

of Cooperation’, and in the many months thereafter in which the

mechanisms set up by the signatories to facilitate the implementation

of the decisions — that is, the Joint Ministerial Monitoring Committee

(JMMC) and the Joint Technical Committee (JTC) — all 24 participating

OPEC and non-OPEC countries played critical and supportive roles.

Theirs was truly a noble task and the result was a shared success, the

product of open communications, flexibility, mutual understanding

and consensus building.

For this ‘Special Edition’ of the

OPEC Bulletin

, we have asked some of

the key protagonists to share with us their thoughts about the process

leading to last year’s ministerial meetings, and about the drafting and

signing of the ‘Declaration of Cooperation’. What follow are selected

questions and answers that we are now grateful to be able to bring

together for posterity — and for the public’s greater understanding

of the important work and the tireless efforts that culminated in the

signing of the historic ‘Declaration of Cooperation’.