OPEC: Algiers Accord paves way for exceptional cooperation among producers

” The historic Algiers Accord has laid the foundation for an exceptional cooperation framework among the main oil producers, OPEC and non-OPEC members, which paved the way for them to work collectively and jointly, over the last seven years, for the restoration of the balance and stability of the international oil market, in the interest of producing countries and the oil industry, but also for the benefit of consumers of global economy,” Arkab said, cited in a statement by the ministry of Energy and Mines.

OPEC countries and their partners of the Declaration of Cooperation (DoC), the members of the non-OPEC oil-producing countries, celebrated on Thursday, September 28th, the seventh anniversary of Algiers Accord.

On the sidelines of the 15th ministerial meeting of the International Energy Forum (IEF), held on 28 September 2016 in Algiers, the Organization of the Petroleum Exporting Countries held its 170th (extraordinary) meeting of the conference of OPEC to discuss the situation of the international oil market and explore the ways to sustainably address the imbalances and persistent market instability.

“This historic meeting is the outcome of Algeria’s tireless efforts over the preceding 18 months to get OPEC members and the main non-OPEC producers to act together‎‎‎‎ coordinately and jointly to restore the balance and stability of the international oil market,” the ministry said.

The historic Algiers Accord of 28 September 2016 is a “founding act” for the strengthening of relations among OPEC and non-OPEC producers, according to the ministry.

The Accord led two months later, and on the basis of an Algerian proposal, to the signing of the Declaration of Cooperation (DoC), better known as “OPEC+,” in Vienna, Austria.