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WorldPosted at: Nov 30 2021 5:56PM


OPEC+ celebrates 5th anniversary of milestone Vienna agreement

Vienna, Nov 30 (UNI/Sputnik) The Organization of the Petroleum Exporting Countries (OPEC) oil cartel is celebrating the fifth anniversary of the historic Vienna Agreement that helped to pave the way for the OPEC+ deal on Tuesday.
On November 30, 2016, the oil cartel members convened their 171st Meeting of the OPEC Conference in the Austrian capital of Vienna where they offered non-OPEC oil-producing countries to join the effort to regulate the market through coordination of oil production rates.
This would later culminate in the signing of the Declaration of Cooperation (DoC) during a meeting between OPEC and Russia, Bahrain, Oman, Brunei, Azerbaijan, Kazakhstan, Malaysia, Mexico, Equatorial Guinea, Sudan and South Sudan, with non-OPEC nations agreeing to reduce their oil production and increase cooperation with OPEC countries.
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