May 30, 2024
Historic ‘Algiers Accord’ reaches six years
– By Godswill Odiong

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The Organization of the Petroleum Exporting Countries (OPEC) today marks the sixth anniversary of the adoption of the landmark ‘Algiers Accord’ on 28 September 2016 in Algiers, Algeria.

Six years ago, the OPEC Conference held its 170th (Extraordinary) Meeting in the Algerian capital to discuss oil market developments and deliberate ways to address the severe market imbalance. Among the key decisions taken was the establishment of a high-level committee mandated to develop a framework for consultations between OPEC and non-OPEC oil-producing countries.

These pivotal decisions eventually led to the signing of the ‘Vienna Agreement’ at the 171st Meeting of the OPEC Conference on 30 November 2016 and the historic ‘Declaration of Cooperation’ (DoC) between OPEC and non-OPEC participating countries on 10 December of the same year in Vienna, Austria.

In reflecting on the anniversary, HE Haitham Al Ghais, OPEC Secretary General, said: “The signing of the ‘Algiers Accord’ signifies an important moment in the history of the global oil industry, as it laid the foundation for what later became an unprecedented framework of cooperation between OPEC Member Countries and non-OPEC oil-producing countries, known as the ‘Declaration of Cooperation’.

“Through our collective efforts, the 23 countries participating in the DoC have together supported oil market stability in the interest of all producers, consumers, investors and the global economy at large for almost six years. There is no doubt that we would be in a different situation if not for the pivotal decisions taken in Algiers in 2016,” the Secretary General added.

Earlier this month, the Organization marked the 62nd anniversary since its founding in 1960 in Baghdad, Iraq, by the five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC is currently made up of 13 Member Countries.

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