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29 Sep 2021

OPEC marks five years since the historic ‘Algiers Accord’

Vienna, Austria, 29 September 2021--OPEC has marked the fifth anniversary of the pivotal decisions taken in Algiers, Algeria, on 28 September 2016 that would culminate in the signing of the Declaration of Cooperation (DoC) later that year.

Five years ago, on 28 September 2016, the 170th (Extraordinary) Meeting of the OPEC Conference established a High-Level Committee to develop a framework for consultations between OPEC and non-OPEC oil-producing countries in response to the severe oil market imbalance at the time.

Known as the ‘Algiers Accord’, this historic decision would pave the way for the signing of the ‘Vienna Agreement’ at the 171st Meeting of the OPEC Conference on 30 November 2016 and ultimately the landmark DoC framework by OPEC and non-OPEC Participating Countries on 10 December 2016 in Vienna.

“The series of events that took place five years ago today, starting with the ‘Algiers Accord’ and leading to the signing of the Declaration of Cooperation, represent pivotal moments in the history of OPEC,” OPEC Secretary General, Mohammad Sanusi Barkindo, said. “Though the visionary leaders at the time could not foresee a challenge as monumental as the COVID-19 pandemic, I believe a large part of the oil market stabilization that has occurred over the past 18 months can be attributed to the historic actions undertaken by the countries in the DoC.

“Together,” he said, “we have averted a far deeper market crisis, helped restore order to the global oil market, and have provided a platform for recovery. We would not be where we are today were it not for the key decisions taken in Algiers in September 2016 that helped pave the way for this historic level of cooperation by OPEC and non-OPEC oil-producing countries.”

Also this month, OPEC marked its 61st anniversary. The Organization was founded at the Al-Shaab Hall in Bab Al-Muaadhim in Baghdad by five leading oil-producing countries -- Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The Organization has grown to 13 Member Countries including Angola, Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria and the United Arab Emirates (UAE).