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Updated:Apr 23, 2026
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Formation of OPEC+ and Cooperative Deals with Non‑OPEC Producers (2016–2020)

Formation of OPEC+ and Cooperative Deals with Non‑OPEC Producers (2016–2020)

  1. OPEC agrees to first cuts since 2008

    Labels: OPEC, Vienna Agreement
  2. OPEC and non-OPEC sign Declaration of Cooperation

    Labels: Declaration of, Russia
  3. Joint monitoring mechanism is established

    Labels: Joint Monitoring, Declaration of
  4. OPEC and partners extend cuts through March 2018

    Labels: OPEC, Non OPEC
  5. OPEC and Russia back extension through end-2018

    Labels: OPEC, Russia
  6. OPEC+ agrees to ease over-compliance

    Labels: OPEC, Compliance
  7. OPEC+ agrees new 1.2 million bpd cut

    Labels: OPEC, 2019 cut
  8. OPEC+ talks collapse as pandemic hits demand

    Labels: OPEC, COVID-19
  9. OPEC+ reaches record production-cut agreement

    Labels: OPEC, Record cut
  10. May 2020 cuts begin, shaping OPEC+ legacy

    Labels: OPEC, Implementation