OPEC+ launches first Technical Committee meeting under Charter of Cooperation

OPEC+ countries held the inaugural Technical Committee meeting under the Charter of Cooperation in Baku, launching work on an implementation plan for the agreement that is scheduled to take effect in January 2027.

OPEC Secretary General Haitham Al Ghais said oil ministers from OPEC and non-OPEC producers had tasked the group with preparing a working plan setting out activities, programmes and a timetable for implementing the Charter.

He said the document is expected to be completed and approved by ministers in December, paving the way for the full activation of the Charter at the beginning of 2027.

According to Al Ghais, the new framework envisages at least one ministerial meeting and two Technical Committee meetings each year.

He said the Charter’s work would focus on five areas: dialogue with major oil consumers, technology, innovation and investment, industry policies and regulation, oil market fundamentals, and the development of consensus-based industry standards.

N. Tebrizli