The Organisation of the Petroleum Exporting Countries (OPEC) marked its 5th anniversary of the historic ‘Vienna Agreement’ on Tuesday.
The agreement, reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 September 2016 at the 170th (Extraordinary) Meeting of the OPEC Conference.
The agreement paved the way for the historic Declaration of Cooperation (DoC) between OPEC Member Countries and leading non-OPEC oil-producing nations to work together in the interest of sustainable oil market stability, local media reports said.
The Conference saw OPEC Member Countries reinforce their joint efforts to overcome a then-unprecedented oil market downturn, reduce inventory overhang, particularly in the OECD region, and revive the necessary investment to support energy security and market stability in the short, medium and long terms, the reports said.
While recalling the momentous meeting, OPEC Secretary-General Mohammad Sanusi Barkindo said the volatility seen in the oil market in 2016 was unprecedented for many but there was a strong consensus that the way forward requires collaboration, leadership and extensive diplomacy, which have underpinned the Organization’s work since its founding 61 years ago.