ASIATODAY.ID, RIYADH – Nine years ago, the global energy landscape was reshaped by a landmark agreement that continues to influence oil markets worldwide.
On December 10, 2025, the Declaration of Cooperation (DoC) between OPEC Member Countries and 10 non-OPEC oil-producing nations officially marked its ninth anniversary—standing as one of the most consequential multilateral energy agreements in modern history.
The DoC was born on December 10, 2016 in Vienna, Austria, when OPEC countries joined forces with Azerbaijan, the Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, the Sultanate of Oman, the Russian Federation, the Republic of Sudan, and the Republic of South Sudan. The meeting aimed to address severe global oil market imbalances and explore collective measures to restore sustainable market stability.
This historic breakthrough followed months of intensive consultations throughout 2016, including the Algiers Accord of 28 September at OPEC’s 170th (Extraordinary) Conference and the Vienna Agreement of 30 November at the 171st OPEC Conference. Together, these efforts culminated in the establishment of the DoC—a durable framework for coordinated action between OPEC and non-OPEC producers.
A Pillar of Global Oil Market Stability
From its inception, the Declaration of Cooperation underscored producers’ shared responsibility to ensure oil market stability in the interests of both producing and consuming nations. Over the past nine years, the DoC has evolved into the backbone of the OPEC+ alliance, playing a critical role in navigating market volatility caused by economic cycles, geopolitical tensions, and unprecedented global shocks.
OPEC Secretary General HE Haitham Al Ghais highlighted the historical significance of the agreement, emphasizing that the DoC has institutionalized multilateral dialogue at ministerial, technical, and research levels.
“The Declaration of Cooperation has become the framework supporting oil market stability, energy security, and global economic growth. Its success is rooted in trust, transparency, and the collective strength of all participating countries,” he said, expressing confidence that the DoC will continue to evolve and flourish in the decades ahead quoted on Monday, December 15, 2025.
OPEC+ Sends a Strong Signal to Markets
Reinforcing the spirit of the DoC, **eight key OPEC+ countries—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—**have reaffirmed their collective commitment to market stability amid a steady global economic outlook and what they described as healthy oil market fundamentals, reflected in low global inventories.
During a virtual meeting on 30 November 2025, the eight countries agreed to pause planned production increases in January, February, and March 2026, citing seasonal demand patterns. They reiterated that the previously announced 1.65 million barrels per day of additional supply could be returned to the market gradually, in part or in full, depending on evolving market conditions.
The group also reaffirmed its readiness to maintain full flexibility, including extending or reversing additional voluntary production adjustments totaling 2.2 million barrels per day, first announced in November 2023.
Compliance with the Declaration of Cooperation remains central, with production levels closely monitored by the Joint Ministerial Monitoring Committee (JMMC). The eight countries further confirmed their commitment to fully compensate for any overproduced volumes recorded since January 2024.
Monthly meetings will continue to assess market conditions, compliance, and compensation, with the next meeting scheduled for January 4, 2026.
OPEC+ and the Future of Global Energy Governance
Nine years after its inception, the Declaration of Cooperation has become more than a technical agreement—it now represents a cornerstone of global energy governance. As the world navigates energy transitions, economic uncertainty, and geopolitical fragmentation, the DoC underscores the enduring relevance of coordination, discipline, and dialogue in maintaining oil market balance.
With the 10th anniversary approaching in 2026, one message is clear: OPEC+ remains a central force in shaping the global oil market—and its decisions will continue to reverberate across the world economy. (AT Network)
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