The Organization of the Petroleum Exporting Countries (OPEC) and its allies moved to deepen collaboration under their Charter of Cooperation framework, as oil-producing countries met to discuss ways to strengthen coordination nearly six years after the agreement was signed.
A technical meeting aimed at advancing and activating the objectives of the Charter of Cooperation was held at the OPEC Secretariat via video conference, bringing together participating countries under the framework that supports dialogue between OPEC members and non-OPEC producers.
In remarks to participants, Haitham Al Ghais said the group needed to build on progress already achieved under the agreement.
“almost six years on from its signing, and while we can acknowledge progress made under the CoC process, it is imperative that we take further steps to maximize the Charter’s great potential”.
The Charter of Cooperation, signed in July 2019, was created to institutionalize broader cooperation among oil-producing nations beyond the supply-management framework established under the Declaration of Cooperation between OPEC and allied producers, including Russia.
Al Ghais said the CoC and the Declaration of Cooperation were helping shape “a new era of energy cooperation” based on “the principles of transparency, equity and fairness.”
He also thanked participants from countries involved in the framework for their contributions to the discussions.
“The Charter of Cooperation (CoC), signed in July 2019, is a platform for oil producing countries to advance their interests, amplify their voices in international fora and consolidate advocacy. It also provides important direction and guidance for the OPEC Secretariat, as supporting its activities is a core component of our regular programme of work.”
The renewed focus on the Charter comes as oil producers continue to navigate volatile crude markets, geopolitical tensions and uncertainty over global energy demand growth, while balancing long-term investment needs with pressure from the global energy transition.
