{"id":12669,"date":"2024-12-10T09:46:49","date_gmt":"2024-12-10T09:46:49","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12669"},"modified":"2024-12-10T09:46:49","modified_gmt":"2024-12-10T09:46:49","slug":"declaration-of-cooperation-between-opec-non-opec-hits-eight-years","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12669\/","title":{"rendered":"Declaration of Cooperation between OPEC, non-OPEC hits eight years"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The Declaration of Cooperation between OPEC member countries and non-OPEC oil-producing countries has turned eight on Tuesday, according to a press release by OPEC.<\/p>\n

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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.<\/p>\n

These historic, constructive efforts resulted in the establishment of a unique platform to facilitate cooperation and dialogue among its participants \u2013 the Declaration of Cooperation (DoC). Notably, other non-OPEC oil producers attended the meeting in support of the initiative.<\/p>\n

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 \u2018Vienna Agreement\u2019 adopted on 30 November of the same year in Vienna, Austria, at the 171st (Ordinary) Meeting of the OPEC Conference.<\/p>\n

Reflecting on the occasion, Haitham Al Ghais, Secretary General of OPEC, stated: \u201cEight 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.\u201d<\/p>\n

\u201cThese 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,\u201d Al Ghais added.<\/p>\n

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.<\/p>\n<\/div>\n<\/div>\n

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