The Organization of Petroleum Exporting Countries. (OPEC and the non-member countries of the organization, (OPEC+) have signed a new draft called “Charter of Cooperation” in a bid to further strengthen their partnership.
Nigeria, Saudi Arabia, 12 other OPEC member nations, as well as some non-member countries, have all signed the new draft which now replaces the “Declaration of Cooperation” which was agreed upon in December 2016.
Speaking at the end of the 6th OPEC and non-OPEC Ministerial Meeting in Vienna, Mr Salvador Fernandez, President of the bloc’s Council reaffirmed the continued commitment of the member countries to a stable market as stipulated in the cooperation.
According to him, the efficient, economic and secure supply to consumers and a fair return on invested capital as well as the return of confidence and investment to the oil industry was key. He added that the meeting was also focused on recent oil market developments and immediate prospects as well as collaborative efforts by members.
On the other hand, Mr Alexandra Novak who is Russia’s Energy Minister and Co-chair of the meeting described the charter as not only historic but a basis for solidifying cooperation.
Novak highlighted the successes achieved through the Declaration of Cooperation, saying that the market was currently in better shape than it used to be.
Sahara Reporters reported that the new agreement is seen as a move by the bloc to remain relevant in the oil market which has been transformed by booming U.S. shale oil output.