The declaration on cooperation created by OPEC and non-OPEC has had a positive effect. It should be noted that it allows reducing production and thereby regulating the oil market. So, it has been decided to formalize the relations of these groups as a separate association.
A draft charter has already been created for the new organization, which will be called “Alliance”.
The main idea of the charter is the voluntary fulfillment of obligations formed by the management. However, there are no legal relations between the members.
This will be a special platform that allows the alliance members to engage in dialogue with each other. According to the results of the negotiations, the measures necessary for leveling the oil market will be formed.
The charter says that any countries will be able to get into the alliance. To do this, they just need to send a letter and, if there are no objections from other participants, the country is recognized as a member of the organization. It is easy to leave it too. It’s just needed to submit notification, and starting next year, the country ceases to be part of the alliance.
Meetings devoted to the market evaluation and development of possible measures will be held twice a year. The chairman of the meetings will be chosen alphabetically.
The Alliance will be governed by the committee, which will include the chairmen of the past, present and future years. The committee’s tasks include setting the agenda for meetings and coordinating them with OPEC, which provides technical and organizational support.
The charter also presupposes that all members will make equal contributions to the budget.
Iran has already expressed concern that such an organization could be under pressure from Saudi Arabia and the Russian Federation – the informal leaders of OPEC and non-OPEC.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade