OPEC Extends Secretary-General Haitham Al Ghais’ Mandate: Algeria’s 2016 Declaration Continues to Anchor Oil Market Stability
BY: Dr. Hana Saada
Algiers, Algeria | December 10th, 2024 — In a virtual meeting held on December 10, 2024, the Organization of the Petroleum Exporting Countries (OPEC) renewed the mandate of its Secretary-General, Haitham Al Ghais, for an additional three years. The Kuwaiti oil expert, who has been at the helm of OPEC since August 1, 2022, succeeding the late Mohammad Barkindo, was commended for his leadership during a critical phase in global energy markets.
In a statement issued on the same day, Al Ghais underscored the enduring significance of the historic Declaration of Cooperation, originating from the pivotal Algiers Agreement signed on September 28, 2016. He remarked, “The success we commemorate today is a result of two groundbreaking milestones in the history of the global oil industry: the Algiers Agreement, signed during OPEC’s 170th Extraordinary Meeting, and the Vienna Agreement, concluded on November 30, 2016, at OPEC’s 171st Ordinary Conference.”
A Legacy of Stability and Collaboration
Al Ghais highlighted how the 2016 agreements emerged from a collective resolve among major oil-producing nations, both OPEC members and non-members, to address volatility in global oil markets. “This united effort marked a new chapter in multilateralism and international cooperation within the oil industry,” he stated.
The Declaration of Cooperation established a framework for sustained dialogue and collaboration among participating nations, extending its scope to technical and research-level engagements. Al Ghais emphasized that the initiative has not only stabilized oil markets but also delivered broader economic benefits, asserting, “The Algiers Declaration continues to prove its effectiveness in ensuring market stability while supporting the global economy at large.”
A Renewed Mandate in a Complex Energy Landscape
During the virtual meeting, OPEC members unanimously acknowledged Al Ghais’ pivotal role in navigating a rapidly evolving energy landscape. His renewed mandate comes at a time when global energy policies are increasingly shaped by geopolitical challenges, economic shifts, and the transition toward cleaner energy sources.
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