OPEC Reaffirms Commitment To Oil Market Stability

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The Declaration of Cooperation, signed in 2016, has been consistently supported in subsequent meetings. Image: Shutterstock / Rolls-Royce Phantom
The statement highlighted the unity and cohesion of the group.
Neubauer Coporation
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The General Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC) issued a statement, reiterating the member countries’ commitment to the group’s ongoing and persistent efforts aimed at maintaining the stability of the oil market.

The statement also highlighted “the unity and cohesion of the group” as well as its resolve to continue to work within the framework of the Declaration of Cooperation, after consultation with OPEC member states and non-OPEC producing countries participating in the Declaration.

The Declaration of Cooperation, signed on December 10, 2016, was confirmed in the group’s subsequent meetings, it said.

“The member states of OPEC reiterated their firm commitment to the group’s common goals of unity and cohesion, both within the framework of OPEC itself, and with the producing countries outside it participating in the Declaration of Cooperation,” the statement said.

The General Secretariat also pointed out that the exceptional efforts made by OPEC member states and non-OPEC producing countries, participating in the Declaration of Cooperation, had clear effects in supporting the global economy’s quest to overcome many of the challenges witnessed in the past several years, including the Covid-19 pandemic.

“It has enhanced the stability of the petroleum market, especially when compared to other commodities,” it added.

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