OPEC and non-OPEC oil-producing countries participate in Declaration of Cooperation (DoC)

At the outset of 2024, the OPEC Secretariat in consultation with OPEC Member Countries and the non-OPEC producing countries participating in the DoC, re-affirmed their full commitment by participating in the DoC to unity and cohesion, as well as continuing their efforts to maintain oil market stability going forward. The Declaration of Cooperation was signed on 10 December 2016 and was further endorsed in subsequent meetings.

Moreover, OPEC Member Countries have re-affirmed their steadfast commitment to the shared objectives of unity and cohesion both within the Organisation, and with the non-OPEC producing countries participating in the DoC.

The efforts by OPEC Member Countries and non-OPEC producing countries participating in the DoC have been evident in supporting the global economy to overcome the many challenges witnessed throughout the past several years, including the COVID 19 pandemic, and have ensured stability of the oil market especially when compared to other commodities.

The levels of cooperation, dialogue, mutual respect and trust will continue to be the basis for these continued collaborative efforts going forward. This is for the benefit of all producers, consumers and investors, as well as the global economy at large.

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