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(OPEC): (Vienna Agreement) a historic moment in the oil industry and international cooperation

30-11-2021

Today, Tuesday, the Organization of Petroleum Exporting Countries (OPEC) described the Vienna Agreement, which contributed significantly to stabilizing the oil market and limiting the decline in prices, as a historic moment in the field of the oil industry, international cooperation and multilateralism. The Secretary-General of (OPEC), Muhammad Barkindo, said in a statement on the occasion of the fifth anniversary of the adoption of the (Vienna Agreement), that the agreement led to the institutionalization of a global framework that not only helped the oil industry, but also contributed to confronting the pandemic of the (Corona emerging - Covid 19) virus, which It erupted in 2020 and caused a sharp contraction in the oil market. He stated that on the 30th of November 2016, the members of (OPEC) called on oil-producing countries outside the organization to join an initiative to cooperate on a regular basis to support the stability of the oil market, which highlights the main role that producers from outside (OPEC) can play in ensuring market stability and supplies in addition to that. They adopted adjustments to oil production and established a high-level ministerial monitoring committee to review implementation of these decisions. Barkindo explained that the volatility of the oil markets in 2016 was unprecedented for many. However, there was a strong consensus that moving forward requires cooperation and unification of the efforts of producers through diplomacy, dialogue and joint responsibility. The (Vienna Agreement) was reached at the 171st meeting of the (OPEC) conference, which was held on the 30th of November 2016 in the Austrian capital Vienna, where it was preceded by a meeting in Algeria on the 28th of September, which paved the way for declaring the historic cooperation between the member states of (OPEC) and countries from outside (OPEC), which is known as (OPEC +) to work together to stabilize the sustainable oil market. These efforts came to help restore stability in the global oil market for the benefit of all producers, consumers and investors, as well as the global economy, and reinforced the organization's views on the importance of multilateralism, international cooperation and dialogue.