Algiers – The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, reaffirmed on Tuesday that the Declaration of Cooperation between OPEC members and non-member oil-producing countries, stemming from the 2016 Algiers Agreement, remains pivotal in stabilizing the global oil market and benefiting the broader global economy.
Milestones in Oil Market Collaboration
Marking the eighth anniversary of the agreement, Al-Ghais highlighted its significance in a statement:
“The success achieved on December 10, 2016, resulted from two critical milestones in the history of the global oil industry: the Algiers Agreement, signed on September 28, 2016, during OPEC’s 170th Extraordinary Meeting in Algiers, and the Vienna Agreement on November 30, 2016, during OPEC’s 171st Regular Conference in Austria.”
He emphasized that eight years ago, leading oil producers, including OPEC members and non-OPEC nations, united to address market instability. This collaboration opened a new chapter of multilateralism and international cooperation in the oil industry.
A Unified Effort for Stability
On December 10, 2016, OPEC member countries, alongside Azerbaijan, Bahrain, Brunei Darussalam, Equatorial Guinea (which later joined OPEC), Kazakhstan, Malaysia, Mexico, Oman, Russia, and South Sudan, convened in Vienna. They discussed strategies to restore stability to the volatile global oil market.
This historic meeting established a unique platform for cooperation and dialogue among oil producers. The statement noted that other non-member producers also supported this initiative, contributing to its lasting success.
Resilience Amid Challenges
The Declaration of Cooperation, serving as a joint framework, has facilitated ongoing collaboration, including technical and research efforts, aimed at stabilizing the oil market. Despite criticism and skepticism from some industry stakeholders, this initiative demonstrated resilience, particularly during the economic downturn caused by the COVID-19 pandemic.
Al-Ghais underlined that these “courageous and vital efforts” continue to benefit the oil industry, its stakeholders, and the global economy, reinforcing the value of international cooperation in navigating market challenges.
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Author: Nor-Eleslam
Keyphrase: OPEC, Algiers Agreement 2016, Declaration of Cooperation, Oil Market Stability
