OPEC Marks its 63rd Anniversary

The Organization of the Petroleum Exporting Countries (OPEC) today marks its 63rd anniversary.


In a press release, OPEC said between 10-14 September 1960, representatives from five oil-producing countries gathered in the Al-Shaab Hall in Baghdad to found OPEC. “This historic milestone marked the beginning of a new chapter in the oil industry.”


The five Founder Members were soon joined by other oil-producing countries with mutual interests, such as supporting oil market stability and protecting the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development.


For 63 years, OPEC has called for cooperation, dialogue and mutual respect among all, as well as the need to address challenges in a collective manner. The most vivid demonstration of that is the ongoing ‘Declaration of Cooperation’ process, whereby OPEC is cooperating with 10 non-OPEC producing countries to achieve stability in the global oil market.


In reflecting on this occasion, OPEC Secretary General Haitham Al Ghais said: “OPEC is a unique organization that has stood the test of time. For more than six decades, OPEC has endeavoured to support oil market stability in the interest of all producers and consumers, as well as the global economy at large, despite the challenges that have faced our industry.”


“The history of OPEC is replete with many achievements. We are grateful for the support of our Member Countries and the entire OPEC Family. I am confident that the organization’s best days lie ahead,” the secretary general added.




Source: Saudi Press Agency


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