Declaration of Cooperation

The Declaration of Cooperation constitutes an unprecedented milestone in the history of the Organization of the Petroleum Exporting Countries (OPEC). For the first time ever, the Member Countries of OPEC coordinated with 11 non-OPEC oil producing countries (now 10 – Equatorial Guinea became an OPEC Member in May 2017) in a concerted effort to accelerate the stabilization of the global oil market through voluntary production adjustments, which amounted to approximately 1.8 million barrels per day.

The Declaration was an outcome of the Joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016 and was effective for an initial period of six months. The Second Joint OPEC-non-OPEC Producing Countries’ Ministerial Meeting, held on 25 May 2017, decided to extend the voluntary production adjustments for another nine months commencing 1 July 2017. At the third joint OPEC-non-OPEC Producing Countries’ Ministerial Meeting, held on 30 November 2017, it was agreed to amend the Declaration of Cooperation so that it will take effect for the entirety of 2018.

The fourth OPEC and non-OPEC Ministerial Meeting advised participating countries in the Declaration of Cooperation to maintain 100% conformity levels regarding voluntary production adjustments. At the fifth OPEC and non-OPEC Ministerial Meeting, held on 7 December 2018, it was decided to adjust overall production by 1.2 mb/d effective as of January 2019 for six months, in light of a growing imbalance between global oil supply and demand.

The voluntary production adjustment was further extended until 31 March 2020 at the sixth OPEC and non-OPEC Ministerial Meeting, which was held on 2 July 2019. The meeting also witnessed the endorsement of the Charter of Cooperation by OPEC Members Countries and attending non-OPEC oil producing countries. The Charter provides a voluntary platform that enables continued and proactive dialogue and cooperation between its participants.

On 6 December 2019, the seventh OPEC and non-OPEC Ministerial Meeting was held. The meeting decided for an additional voluntary production adjustment of 500 tb/d over levels agreed in the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting, leading to a total adjustment of 1.7 mb/d.

The sustainable oil market stability sought by the Declaration is in the interests of producers, consumers, investors and the global economy at large. The core principles of transparency, equity and fairness which have underpinned the Declaration of Cooperation infuse all aspects of OPEC’s interactions with its non-OPEC oil producing partners, including cooperation at the research and technical levels.

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Declaration of Cooperation

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Background information