Vienna: The Organization of the Petroleum Exporting Countries (OPEC) marked the eighth anniversary of the Vienna Agreement, emphasizing its contributions to stabilizing the global oil market. The agreement, reached at the 171st Meeting of the OPEC Conference on November 30, 2016, was hailed by OPEC for its ongoing impact on market stability. According to Kuwait News Agency, the OPEC Secretariat highlighted that the Vienna Agreement was a continuation of the Algiers Accord, which was endorsed at the 170th Extraordinary Meeting of the OPEC Conference on September 28, 2016, in Algiers, Algeria. This accord set the stage for the 'Declaration of Cooperation' (DoC) between OPEC and non-OPEC oil-producing nations in Vienna on December 10, 2016, aimed at supporting oil market stability. OPEC Secretary-General Haitham Al-Ghais stated that the Vienna Agreement marked a significant milestone in the oil industry's history. Its adoption facilitated the establishment of a multilateral platform for collaboration and dialo gue to support global oil market stability through the Declaration of Cooperation. Al-Ghais added that eight years on, these efforts have proven effective and valuable, helping to overcome market instabilities, including those caused by the COVID-19 pandemic. OPEC and non-OPEC countries participating in the DoC continue to strive for market stability, benefiting producers, consumers, investors, and the global economy. The statement also underscored the organization's commitment to multilateralism, international cooperation, and dialogue.
