VIENNA, Austria – November 30, 2024, marked the eighth anniversary of the landmark ‘Vienna Agreement’ reached at the 171st meeting of the OPEC Conference held on 30 November 2016 in Vienna, Austria.
The historic agreement built on the landmark ‘Algiers Accord’, which was endorsed at the 170th (Extraordinary) meeting of the OPEC Conference on 28 September 2016 in Algiers, Algeria, and paved the way for adopting the historic ‘Declaration of Cooperation’ (DoC) between OPEC Member Countries and several non-OPEC oil-producing nations in Vienna on 10 December 2016 to support oil market stability.
On this occasion, HE Haitham Al Ghais, Secretary General of OPEC, said: “The ‘Vienna Agreement’ constitutes a significant milestone in the history of the oil industry, as its adoption facilitated establishing a robust, multilateral platform for collaboration and dialogue with the objective to support stability in the global oil market – the ‘Declaration of Cooperation’.”
“Eight years later, these efforts continue to prove to be effective and valuable, as they have helped overcoming several market instabilities, including the downturn that resulted from the outbreak of COVID-19,” HE Al Ghais added.
OPEC member countries and non-OPEC oil-producing countries participating in the DoC endeavour to support market stability for benefit of all industry stakeholders, including producers, consumers and investors, as well as the global economy at large. These efforts also underpin the Organization’s views on the importance of multilateralism, international cooperation and dialogue.
Meanwhile, OPEC daily basket price stood at $71,82 a barrel Thursday, 28 November 2024.
The price of OPEC basket of 12 crudes stood at $71,82 a barrel on Thursday, compared with $72,61 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
