OPEC marks its 63rd Anniversary

The Organization of the Petroleum Exporting Countries (OPEC) today turned 63.

Between 10-14 September 1960, representatives from 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 – 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 and use oil to support national growth and advancement. 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, HE Haitham Al Ghais, OPEC Secretary General, 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.

The 63rd Anniversary of OPEC is being celebrated in Luanda, Angola, on the sidelines of the Angola Oil and Gas Conference and Exhibition.