Nigeria, Saudi Arabia, Others Sign New Charter

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The Organisation of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and the non-member countries of the organization, led by Russia, yesterday in Vienna, Austria, signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership.

The charter now replaces the ‘Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups.

Speaking at the end of the 6th OPEC and non-OPEC Ministerial Meeting in Vienna, the Venezuelan Minister of Petroleum, Mr. Salvador Fernandez, reaffirmed the continued commitment of the member countries to a stable market as stipulated in the cooperation.

“(Member) countries are committed to promoting the interest of producing nations,” Fernandez said.

Fernandez said that the meeting focused on recent oil market developments and immediate prospects as well as collaborative efforts by members.

Russia’s Energy Minister and Co-chair of the meeting,

Mr. Alexandra Novak, 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.