Saudi Gazette report

RIYADH — The OPEC+ member countries reaffirmed on Wednesday their steadfast commitment to “unity and cohesion” as well as their continued cooperation to maintain stability of the oil market.

In a statement issued on the OPEC website, the alliance said these efforts come as part of the Declaration of Cooperation (DoC) signed on Dec. 10, 2016, which was ratified by member nations in subsequent meetings. The General Secretariat of OPEC also renewed its commitment to the shared objectives of unity and cohesion within the organization. “OPEC member-countries re-affirm their steadfast commitment to the shared objectives of unity and cohesion both within the organization, and with the non-OPEC producing countries participating in the DoC,” it said.

“The extraordinary efforts by OPEC member countries and non-OPEC producing countries participating in the DoC have been evident in supporting the global economy to overcome the many challenges witnessed throughout the past several years... and have ensured stability of the oil market especially when compared to other commodities,” the statement read.

It further stated that the unprecedented levels of cooperation, dialogue, mutual respect and trust will continue to be the basis for these continued collaborative efforts going forward. This is for the benefit of all producers, consumers and investors, as well as the global economy at large.

OPEC+ is making a further round of voluntary oil output cuts totaling about 2.2 million barrels per day (bpd) for the first quarter of 2024, adding to earlier reductions announced in various steps since late 2022, to support the global oil market stability.