Eight years ago, on this day, OPEC member states and Azerbaijan; the Kingdom of Bahrain; Brunei Darussalam; Equatorial Guinea, which later joined OPEC; Kazakhstan; Malaysia; Mexico; Oman; Russia; Sudan; and South Sudan, met in Vienna, Austria, to discuss the conditions of the global oil market and identify possible means to restore market stability.

These historic, constructive efforts resulted in the establishment of a unique platform to facilitate cooperation and dialogue among its participants – the Declaration of Cooperation (DoC). Notably, other non-OPEC oil producers attended the meeting in support of the initiative.

The resounding success met on December 10 came about following the achievement of two landmark milestones in the history of the global oil industry: the Algiers Accord, which was signed on 28 September 2016 in Algiers, Algeria, at the 170th (Extraordinary) Meeting of the OPEC Conference; and the ‘Vienna Agreement’ adopted on 30 November of the same year in Vienna, Austria, at the 171st (Ordinary) Meeting of the OPEC Conference.

Reflecting on the occasion, Haitham Al Ghais, Secretary General of OPEC, stated: “Eight years ago, a group of leading oil producers, including OPEC Member Countries and some non-OPEC oil-producing nations, decided to join forces to address the instability the global oil market was then facing, marking the beginning of a new chapter in multilateralism, international cooperation and the history of the oil industry.”

“These courageous and vital efforts have continued benefiting the industry as a whole, its stakeholders and the global economy, as clearly demonstrated during the market downturn caused by the COVID-19 pandemic, despite the criticism and skepticism by some industry stakeholders,” Al Ghais added.

Since its inception, the DoC framework has aimed at facilitating cooperation and dialogue, including at the technical and research levels, among its participants in the interest of oil market stability.