The OPEC+ agreement continues to play a vital role in ensuring stability and development of the global oil market six years after its conclusion, said OPEC Secretary-General Haitham al-Ghais, Trend reports citing TASS.

The agreement on limiting oil production between OPEC countries and 11 non-cartel countries was signed on December 10, 2016 amid declining world energy prices. The alliance was dubbed OPEC+ in the media.

“The Declaration of Cooperation is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue. Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security,” the secretary-general said as quoted in a statement on the OPEC website.

According to the statement, the agreement aims to secure sustainable oil market stability through cooperation and dialogue, including at the research and technical levels, for the benefit of all producers, consumers and investors, as well as the global economy on the whole.

The commitment of its participants “to a stable oil market has once again been evident following the severe oil market contraction caused by the COVID-19 pandemic. These efforts have supported the global pandemic recovery process, and have been recognized at the highest level of government and by other international organizations and academia,” the statement noted.

At the November 30, 2016 meeting in Vienna, OPEC member states agreed on reducing oil production by 1.2 mln barrels per day to 32.5 mln barrels. On December 10, another 11 non-OPEC countries joined the agreement, including Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Sudan, Equatorial Guinea (joined OPEC in 2017) and South Sudan.

This October, the alliance agreed on continuing the deal until the end of 2023.

Source: TREND News Agency