BAKU, Azerbaijan, July 15. The first meeting under the OPEC+ Charter of Cooperation has concluded in Baku, Trend's correspondent reports from the event.
Speaking at the event, Azerbaijan’s Minister of Energy Parviz Shahbazov said that for nearly a decade, Azerbaijan has been making an active and responsible contribution to ensuring global oil market stability through the OPEC+ framework under the Declaration of Cooperation (DoC).
"It is no coincidence that the image of the world’s first industrial oil well, drilled in Bibi-Heybat in 1846, holds an honorary place at the headquarters of the OPEC Secretariat in Vienna.
Today, Baku is known not only for its rich oil heritage but also as one of the leading centers of global energy dialogue.
It is here that many initiatives promoting international cooperation are put forward, key strategic issues are discussed, and the future global energy agenda is shaped.
For Azerbaijan, energy is not only the foundation of economic development but also a symbol of reliable partnership, mutual trust, and shared responsibility.
Guided by these principles, Azerbaijan consistently contributes to strengthening global energy security, ensuring market stability, and advancing international cooperation," the minister said.
He also emphasized that the country’s active and constructive participation in the OPEC+ framework demonstrates its commitment to these principles.
"For nearly ten years, Azerbaijan, as a participant in the Declaration of Cooperation, has been making an active and responsible contribution through the OPEC+ platform to maintaining stability in the global oil market and balancing supply and demand," Shahbazov said.
OPEC Secretary General Haitham Al Ghais, in turn, announced that OPEC+ Cooperation Charter is scheduled to take effect in January 2027.
According to Al Ghais, a technical meeting was held on May 21, 2026, during which the OPEC Secretariat and countries participating in the Cooperation Charter agreed on the key elements of its implementation plan.
"Then, on June 7, at the 41st Ministerial Meeting of OPEC and non-OPEC countries, ministers approved the proposed action plan to achieve the objectives of the Cooperation Charter. They also committed to consulting with their respective governments on appointing members to the Technical Committee, which will lead implementation of the plan.
The meetings held in May and June enabled us to complete the first of two key milestones — establishing the organizational framework for the Cooperation Charter," he said.
Al Ghais said the second phase involves developing the charter's work plan.
"It includes a detailed list of activities and programs, as well as a schedule of meetings. This phase is expected to be completed and approved by ministers in December this year. Completion of both phases is necessary to launch the Cooperation Charter mechanism. This will allow the charter to be activated, as planned, in January 2027. The first meeting of the Technical Committee is intended to prepare the charter's work plan and ensure completion of the second key milestone," he said.
According to Al Ghais, representatives of the OPEC Secretariat will deliver two presentations during the meeting covering the activation plan for the Cooperation Charter and the draft work plan for the Technical Committee, including activities, programs and a schedule of meetings for 2027 and beyond.
OPEC+ (the Organization of the Petroleum Exporting Countries and non-OPEC countries participating in the Declaration of Cooperation, or DoC) operates under the Declaration of Cooperation signed on Dec. 10, 2016. The agreement brought together 13 OPEC member countries and 11 non-OPEC producers, including Azerbaijan.
The agreement took effect on Jan. 1, 2017, and provides for voluntary oil production adjustments aimed at stabilizing the global oil market. To monitor compliance with the agreement, the Joint Ministerial Monitoring Committee (JMMC) was established. The committee continues to assess conditions in the global oil market and monitor participating countries' compliance with their commitments.
