According to the head of the Organisation of Petroleum Exporting Countries (OPEC), the organisation will keep its focus on maintaining a stable and balanced oil market that benefits all producers, consumers, and the global economy.
“It is without a doubt that OPEC is the champion of the global oil market and international cooperation,” Haitham Al Ghais, OPEC Secretary General, said in a message celebrating the 64th anniversary of the group.
“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.
A new era in the global oil industry began on September 10, 1960, when representatives of five oil-producing nations, 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.
Soon after, other nations that produce oil joined OPEC as a result of the organisation’s crucial mission and goals. Among these were the defense of the stability of the oil market and the entitlement of all nations to the perpetual exercise of sovereignty over their natural resources for development.
Over its 64 years of existence, OPEC has promoted communication and cooperation among all parties involved to secure stability in the world oil market, handle issues with realistic and inclusive solutions, and guarantee that oil will continue to support national development and human prosperity. The most current and striking examples of these efforts are the Charter of Cooperation and the Declaration of Cooperation between OPEC and non-OPEC nations.
Meanwhile, OPEC+ is in trouble. Benchmark Brent oil prices are barely above USD 70 a barrel despite recent production outages in the United States due to Hurricane Francine and Libya due to the political turmoil in the North African country.