The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, reaffirmed their commitment to unity, full cohesion and market stability following Angola's departure announcement from the group.
"The OPEC member countries reaffirm their steadfast commitment to the shared objectives of unity and cohesion both within the organization, and with the non-OPEC producing countries participating in the DoC (Declaration of Cooperation),"the group said.
The DoC marks the initial cooperation between the OPEC member countries and 11 non-OPEC oil producing nations - reduced to 10 after Equatorial Guinea became an OPEC member in 2017- formed in 2016 to accelerate the stabilization of the global oil market.
"The unprecedented levels of cooperation, dialogue, mutual respect and trust will continue to be the basis for these continued collaborative efforts going forward. This is for the benefit of all producers, consumers and investors, as well as the global economy at large," the statement reads.
In late November, several members of the OPEC+ group announced additional voluntary cuts of around 2.2 million barrels per day (bpd) for the first quarter of 2024. Last month, it was reported that Angola would exit the OPEC over disagreements on oil production quotas.
Some countries have begun voluntarily reducing their oil production, in particular, Russia, Saudi Arabia, Kazakhstan, Oman, Kuwait, Algeria, the UAE and Iraq.
