When the agreement was formed, the oil industry was facing one of the most severe crises in its history. Between 2014 and 2016, oil prices collapsed due to market oversupply, rising inventories and structural changes in global supply. The OPEC basket price, which stood at $107 per barrel at the start of 2014, plunged to about $43 by November 2016. This environment threatened the revenues of producing countries and challenged overall market stability.

In this context, the historic December 2016 meeting and the signing of the Declaration of Cooperation reflected a shared understanding among countries of their wider responsibility: ensuring stability in the global energy market, safeguarding producers’ interests and protecting security of supply for consumers. For the first time, major oil producers outside OPEC — especially Russia — joined OPEC members in a formal and organized framework to design coordinated and transparent policies. As a result, the declaration evolved from a short-term agreement into a lasting institution for energy policy-making and one of the most influential players in global oil market management.

Thanks to this historic cooperation over the past nine years, the Declaration of Cooperation has solidified its role as a pillar of energy market stability. From the COVID-19 pandemic to recent geopolitical turbulence, coordinated decisions under the declaration have been central to addressing severe market shocks. The unprecedented production cut of April 2020 demonstrated the group’s agility and cohesion. The cooperation has also ensured that economies dependent on oil have a unified voice and a coordinated and effective stance in navigating global developments. The past nine years have shown that the declaration is not merely an agreement, but a set of advisory, technical, monitoring and decision-making mechanisms dedicated to achieving the overarching goal of maintaining stability in the global oil and energy markets.

Despite pressures on the declaration and its member countries, OPEC members and their non-OPEC partners have consistently acted with cooperation, fulfillment of commitments and dedication to reliable energy supply, contributing to global economic growth and development. The Islamic Republic of Iran, as one of the key countries in forming and stabilizing the declaration, has always demonstrated solidarity with its decisions and actions and remains committed to this course, firmly believing that cooperation among major oil producers is the only viable path to global energy security in both the short and long term.

The anniversary of the Declaration of Cooperation offers an opportunity to reflect on past lessons and reaffirm the importance of continuing this path. In a world facing increasingly complex challenges and unpredictable variables, constructive cooperation and coordinated decisions are not choices but necessities. Over the past nine years, the OPEC/non-OPEC framework has played a strategic role in managing the global oil market. It restored stability to a market plagued by volatility and demonstrated that energy diplomacy and collective action can successfully replace unilateral approaches.

As the world confronts geopolitical shifts, the energy transition and demand uncertainty, the importance of this cooperation is clearer than ever. Its continuation will remain essential for global market stability. Countries participating in the declaration have shown they can remain united during crises, make significant decisions under pressure and act in pursuit of collective interests — a valuable asset in today’s environment.

The anniversary is a reminder that cooperation, trust and foresight remain the most important tools for managing the global energy market — tools that the Declaration of Cooperation continues to use effectively and will rely on in the future.

By Ehsan Taqavinejad

Director General for OPEC Affairs, Assemblies and International Organizations

Ministry of Oil of the Islamic Republic of Iran