Baku hosts first meeting under OPEC+ charter of cooperation

The first meeting under the OPEC+ Charter of Cooperation is being held in Baku, marking a significant milestone in energy cooperation between OPEC members and participating non-OPEC oil-producing countries, AzerNEWS reports.

The meeting brings together representatives of the countries participating in the OPEC+ Declaration of Cooperation (DoC).

The OPEC+ framework is based on the Declaration of Cooperation, signed on December 10, 2016, which established a partnership between OPEC member states and leading non-OPEC oil producers. The agreement currently unites 13 OPEC members and 11 non-OPEC countries, including Azerbaijan.

The deal entered into force on January 1, 2017, introducing a mechanism for voluntary oil production adjustments aimed at stabilizing the global oil market during periods of supply-demand imbalance.

To oversee compliance with the agreement, participating countries established the Joint Ministerial Monitoring Committee (JMMC), which continues to monitor oil market developments and assess members' adherence to their production commitments.