The Organisation of the Petroleum Exporting Countries (OPEC) and the non-member countries of the organisation (OPEC+) on Tuesday 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 December 2016 between the two groups.

Speaking at the end of the 6th OPEC and non-OPEC Ministerial Meeting in Vienna, Salvador Fernandez, President of the bloc’s Council, reaffirmed the continued commitment of the member countries to a stable market as stipulated in the cooperation. 

 “Participating producing countries are committed to promoting the interest of producing nations. The efficient, economic and secure supply to consumers and a fair return on invested capital as well as the return of confidence and investment to the oil industry,” 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. 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,” he said.

Novak, who noted the successes achieved through the Declaration of Cooperation, said that the market was currently in a better shape than it used to be. “To further stabilise the market, we have decided to significantly intensify monitoring in bid to forestall potential uncertainties that could destabilise the market,” he said.

The new agreement is seen as a move by the bloc to remain relevant in the oil market which has been transformed by booming U.S. shale oil output. Nigeria and 13 other OPEC member nations as well as some non-member countries have already signed the charter.