BAKU, Azerbaijan, December 10. OPEC Secretary General HE Haitham Al Ghais highlighted the significance of the Declaration of Cooperation (DoC) as it marked its eighth anniversary, Trend reports.
He described the agreement, launched on December 10, 2016, as a turning point for global oil market stability and international collaboration.
“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,” Al Ghais stated.
The DoC framework, involving OPEC members and partners such as Azerbaijan, Kazakhstan, and the Russian Federation, was established during challenging market conditions. It followed the Algiers Accord and Vienna Agreement, two critical steps taken in 2016 to stabilize the market.
Al Ghais noted the framework's success in fostering cooperation at technical and policy levels, particularly during significant disruptions such as the COVID-19 pandemic. He credited the DoC for benefiting not just producers but the global economy as a whole.