OPEC's Charter of Cooperation committee holds first meeting, draws 20-plus nations

OPEC's Charter of Cooperation (CoC) held its first Technical Committee meeting in Baku, Azerbaijan, drawing delegates from more than 20 oil-producing countries. Azerbaijan's Minister of Energy, Parviz Shahbazov, hosted the session, and OPEC Secretary General Haitham Al Ghais chaired it.

The committee set a workplan for the charter covering seven areas: market fundamentals, energy dialogues, technology, innovation, investment, policies and regulations, and industrial standards. The plan lays out future activities, initiatives and meetings tied to those areas.

Built on a 2025 ministerial meeting

The Baku session builds on the 40th OPEC and non-OPEC Ministerial Meeting, held in November 2025, where ministers approved the charter's framework and directed the OPEC Secretariat to turn it into a workplan and formal programs.

Al Ghais told delegates that participating countries' commitment to the charter "has once again been clearly evident." He said fully realizing the charter's goals, including dialogue with major oil consumers and cooperation on technology, innovation and investment, would benefit producers, consumers, investors and the global economy. He closed the meeting by thanking delegates and Azerbaijan for hosting.

Shahbazov called the choice of Baku, which he described as the birthplace of the modern oil industry, a recognition of Azerbaijan's role in global energy cooperation and of its standing as a reliable partner in the OPEC+ framework. He said forums like the Technical Committee help preserve stability and predictability in global oil markets at a time when demand remains strong but falling investment in exploration and production is creating new risks. He added that "oil remains one of the fundamental pillars of the global economy."

Origins in the 2019 declaration

The charter grew out of the Declaration of Cooperation (DoC), which OPEC members and non-OPEC participating countries signed on 2 July 2019 at the 6th OPEC and non-OPEC Ministerial Meeting. OPEC says the charter ushered in a new era of cooperation that builds on the momentum of the DoC's success.

The next Technical Committee meeting is set for the end of September 2026.

Market snapshot

WTI crude stood at $84.65 a barrel and Henry Hub gas at $3.06 per MMBtu as of June 15, 2026, according to the EIA. The US rig count was 562 the same day, per Baker Hughes.