(3 Minutes Read)
In its first official communication in 2024 reiterated that unity and market stability are the two pillars that the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+ stands for. The statement, a beacon of solidarity, is a testament to the unwavering commitment of the coalition, even in the face of recent upheavals, most notably Angola’s exit from the organization in late December.
The OPEC+ statement is deeply rooted in the principles set out in the Charter of Cooperation. The Charter, a significant document outlining the core values of unity, cooperation, dialogue, mutual respect, and trust, serves as the guiding light for the OPEC+ alliance. It underscores the importance of collaboration in achieving paramount objectives that extend beyond the member countries to encompass producers, consumers, investors, and the global economy at large.
Angola’s departure from OPEC+ on December 21, 2023, was a jarring moment for the coalition. The exit, spurred by disagreements over production quotas, threatened to destabilize the unity of the alliance. Yet, despite this setback, OPEC member nations have reaffirmed their devotion to the alliance’s fundamental goals. The member countries have demonstrated their resilience, emphasizing the need for continued cooperation and mutual respect.
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The OPEC+ commitment to market stability is unwavering. In the wake of recent challenges, including Angola’s exit and the unpredictability of the global oil market, the alliance has responded swiftly and decisively. It announced an unexpected oil production cut, a strategic move aimed at keeping the market equilibrium intact. This step reflects the organization’s resolve to work closely with its members to maintain market stability and secure a prosperous future for all stakeholders.
