BAKU, Azerbaijan, December 11. The Declaration
of Cooperation (DoC) has become a framework to help support oil
market stability, said Haitham Al Ghais, OPEC Secretary General, as
the DoC turns nine, Trend reports.


“History was made nine years ago and a new journey began, one
that has highlighted the necessity, value and importance of
multilateral dialogue and engagement at ministerial, technical and
research levels. Looking back, it is clear that the DoC has become
the framework to help support oil market stability, energy security
and global economic growth,” he said.


Al Ghais pointed out that its success over the years is down to
the trust and transparency that has developed among all
participants.


“Its strength is based on the sum of all its parts. Every
country has an important role to play. I have no doubt it will
continue to evolve and flourish in the years and decades to come.
We look forward to celebrating the 10th Anniversary in 2026,” he
added.







It was nine years ago, on December 10, that OPEC Member
Countries and Azerbaijan; the Kingdom of Bahrain; Brunei
Darussalam; Equatorial Guinea, which later joined OPEC; Kazakhstan;
Malaysia; Mexico; the Sultanate of Oman; the Russian Federation;
the Republic of Sudan; and the Republic of South Sudan met in
Vienna, Austria, to discuss recent global oil market developments
and look at possible means to restore a sustainable oil market
stability.


The meeting led to the birth of the DoC. This followed extensive
rounds of consultations in the previous months of 2016, which
included developments such as the ‘Algiers Accord’ on 28 September
at the 170th (Extraordinary) Meeting of the OPEC Conference in
Algiers and the ‘Vienna Agreement’ on 30 November at the 171st
Meeting of the OPEC Conference in Vienna.


The DoC saw the producers present uphold their responsibility
for oil market stability in the interest of all oil producing and
consuming countries. It demonstrated a commitment to the global
community to help restore and sustain oil market stability with
positive and broad implications for the world economy. This
commitment has continued in the nine years since.