The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that the Document of Cooperation (DoC) between the organisation and non-OPEC members is bringing about stability in the oil market.
The DoC was the outcome of a meeting held on December 10, 2016 between OPEC member countries and Azerbaijan; the Kingdom of Bahrain; Brunei; Darussalam; Equatorial Guinea, which later joined OPEC; Kazakhstan; Malaysia; Mexico; Sultanate of Oman; Russian Federation; Republic of Sudan; and Republic of South Sudan, at the OPEC headquarters in Vienna.
The countries, had at that meeting, resolved to establish the DoC as a platform for cooperation and dialogue in the interest of the oil market stability.
Other producers attended the meeting in support of the extraordinary efforts.
OPEC Secretary-General, Haitham Al Ghais, said in a statement that the Declaration of Cooperation by the cartel and its allies had been on for six years and had also helped in securing global energy security.
The DoC, which was signed by 23 oil producing countries, aims to secure sustainable oil market stability through cooperation and dialogue for the benefit of all producers, consumers and investors.
“The Declaration of Cooperation is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue.
“Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security,” Al Ghais said.
He noted that the commitment of the DoC participants to a stable oil market was once again evident, following the severe oil market contraction caused by the COVID-19 pandemic.
