OPEC marks 64th anniversary, commits to oil market stability

Between 10th and 14th September 1960, representatives of five oil-producing countries – Dr Fuad Rouhani of Iran, Dr Tala’at al-Shaibani of Iraq, Ahmed Sayed Omar of Kuwait, Abdullah Al-Tariki of Saudi Arabia and Dr Juan Pablo Perez Alfonzo of Venezuela – descended on the Al-Shaab Hall in Baghdad to establish OPEC, marking the beginning of a new chapter in the global oil industry.

The vital mission of OPEC and its objectives propelled other oil-producing countries to join the Organisation shortly thereafter. These included supporting oil market stability and protecting the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development, according to a press release issued by the Vienna-based organisation today.

In its 64 years of existence, OPEC has championed cooperation and dialogue among all stakeholders to achieve stability in the global oil market, address challenges through inclusive and realistic approaches, and ensure oil continues to support the development of nations and prosperity of mankind. The most recent vivid demonstration of these efforts is the Declaration of Cooperation and the Charter of Cooperation between OPEC and non-OPEC countries.

In reflecting on the occasion, Haitham Al Ghais, OPEC Secretary General, said: “It is without a doubt that OPEC is the champion of the global oil market and international cooperation, as it continues, day in, day out, to focus on ensuring that the oil market is stable and balanced in the interest of all producers and consumers, as well as the global economy, despite the challenges that our industry faces.”

“As we celebrate today OPEC’s unparalleled history of success, I am confident that, with the continuous support of our OPEC Member Countries and the entire OPEC Family, the Organisation is set to continue blossoming for years and decades to come,” the Secretary General added.