OPEC Celebrates its 62nd Anniversary
The Organisation of the Petroleum Exporting Countries celebrated the 62nd anniversary of its founding this week.
OPEC celebrated the 62nd anniversary of its founding this week. / Picture: © Wikimedia Commons / DALIBRI / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)
This week, the Vienna-based Organisation of the Petroleum Exporting Countries (OPEC) celebrated its 62nd anniversary. The organisation, which was founded in 1960, recently underwent a change in leadership after Mohammed Barkindo died unexpectedly near the end of his term.
In the year OPEC was founded, the five founding fathers of the organisation - 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 - met at Al-Shaab Hall in Baghdad to establish what would become the central authority on petroleum exports.The creation of OPEC opened a new chapter in the oil industry.
To protect their legitimate national interests, OPEC's founding members made a concerted effort. All countries should cooperate, dialogue, and respect each other, and oil should be used to promote growth and development in each country in order to address challenges together.
As an example, OPEC is currently working with ten non-OPEC producing countries on oil market stability as part of the Declaration of Cooperation (DoC).
Participants in the DoC showed a firm commitment to these principles after the COVID-19 outbreak and the sharp decline in oil demand.
Commenting on the occasion, H.E. Haitham Al Ghais, OPEC Secretary General, said, "This 'OPEC Day' provides us with an opportunity to reflect on the history of our Organisation, celebrate our heritage and renew our commitment to the noble ideals on which OPEC was founded. The appreciation of our past can serve as our guide and inspiration for a bright and prosperous future."
"On this occasion, I would like to extend my best wishes and warmest congratulations to the entire OPEC family, our Member Countries and the staff of the OPEC Secretariat. I am confident that the Organisation's best days are still ahead of it," the Secretary General added.
More than six decades ago, OPEC established a framework of cooperation and dialogue that underpins its efforts to ensure that the oil market remains stable in the interests of producers, consumers, investors, and the global economy as a whole. In addition to providing societal benefits, these efforts are also crucial.