BAKU, Azerbaijan, April 30. The Declaration of Cooperation (DoC), often referred to as OPEC+, remains fully focused on achieving a balanced and stable oil market, Haitham Al Ghais, OPEC Secretary General, said in an exclusive interview with Trend.
“OPEC+ endeavours to support market stability for the benefit of all industry stakeholders, including producers, consumers and investors, as well as the global economy at large. The group’s voluntary production adjustments have proven very beneficial in this regard. In fact, oil as a commodity was the least volatile in 2024, largely due to the efforts of the DoC.
Now in its ninth year, the DoC has a proven track record of helping to overcome market instability, including the downturn that resulted from COVID-19, and several instances of global economic uncertainty,” he said.
Al Ghais noted that with numerous achievements to date, and a strong commitment to unity and cohesion among participating countries, OPEC+ is well poised to continue stabilizing oil markets moving forward: “OPEC+ is a vital cog in the global oil and energy market landscape.”