The Organisation of Petroleum Exporting Countries (OPEC) and the non-member countries of the organisation on Tuesday signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership.
This was revealed by the President of the bloc’s council, Salvador Fernandez, at the end of the 6th OPEC and non-OPEC Ministerial Meeting in Vienna.
The charter now replaces the ‘Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups.
Fernandez also reaffirmed the continued commitment of OPEC member countries to a stable market as stipulated in the cooperation.
“(Member) countries are committed to promoting the interest of producing nations,” he said.
Fernandez, who is also the Venezuelan Petroleum Minister, said that the meeting focused on recent oil market developments and immediate prospects as well as collaborative efforts by members.
Mr Alexandra Novak, Russia’s Energy Minister and Co-chair of the meeting, described the charter as not only “historic, but a basis for solidifying cooperation.
“It is not only a historic document which solidifies our cooperation, but also a solid foundation for future analysis of the market and basis for decision-making to stabilise the market.’’
Nigeria and 13 other OPEC member nations, as well as some non-member countries, have already signed the charter.
Meanwhile, OPEC on Monday night announced the re-election of Nigeria’s Mohammed Barkindo as Secretary General for a three-year tenure. Barkindo was first elected as Secretary General of the bloc in 2016.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...
INVESTIGATION… LIVES ON THE LINE (II): Alex Ogbu was telling a story but became the story
This four-part series investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020....
SPECIAL REPORT… TELECOMS BLACKOUT: Nigeria’s latest tactic against banditry grounds businesses, forcing residents beyond borders
The fight against notorious bandits raining terror and kidnapping students in Northwest Nigeria took a new dimension in September as...
INVESTIGATION: How MDAs violate procurement rules in contract awards
An investigation has uncovered how Nigerian government Ministries, Departments and Agencies (MDAs) have continuously violated procurement rules in awarding contracts,...