OPEC+ eyes full charter rollout in 2027 as work plan nears approval—official

The work plan for the full implementation of the Charter of Cooperation (CoC) between OPEC and non-OPEC producers is expected to be approved in December 2026, paving the way for the framework to become fully operational from January 2027, OPEC Secretary General Haitham Al Ghais said.

Speaking at the inaugural meeting of the OPEC+ Charter of Cooperation Technical Committee in Baku, Al Ghais said the OPEC Secretariat had been tasked with preparing a comprehensive implementation plan following the 40th OPEC and non-OPEC Ministerial Meeting in November 2025, Caliber.Az reports per local media.

"After that, the Secretariat, together with the participating countries, prepared an action plan for the implementation of the CoC. Within this framework, the governance mechanism of the Charter and the five main areas of activity were defined. According to the plan, ministers are to meet at least once a year – online, in Vienna, or in other cities such as Baku – while the Technical Committee is to convene at least twice a year. The five main directions of the Charter cover dialogue with major oil consumers, technology, innovation and investment in the oil industry, policies and regulations affecting the sector, fundamental indicators of the oil market, as well as the preparation of industry standards on a consensus basis."

Al Ghais said the OPEC Secretariat and participating countries reached a common position on the Charter's activation plan during a technical meeting on May 21, 2026.

"At the 41st Ministerial Meeting held on June 7, the action plan was supported, and the participating countries undertook to designate representatives to be present at today's Technical Committee. As a result of these meetings, the first stage of creating the institutional framework of the Charter of Cooperation has been completed. The main focus now is on the second stage – preparing the Charter's work plan. This plan will include specific activity programs and a schedule of meetings. The document is expected to be approved by ministers in December this year, and the Charter is planned to be fully implemented starting from January 2027."

He added that the primary objective of the Technical Committee's first meeting in Baku was to finalize the work plan.

"During the day, OPEC Secretariat staff will deliver presentations on the activation plan of the Charter, the draft work plan of the Technical Committee, activity programs, and meetings planned for the period after 2027," Al Ghais said.

By Vafa Guliyeva