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VIENNA (ChatnewsTV) — The Organization of the Petroleum Exporting Countries (OPEC) marked its 64th anniversary on Saturday, celebrating over six decades of fostering global oil market stability and international cooperation. Since its founding in 1960, OPEC has played a pivotal role in shaping the global energy landscape, promoting oil market stability, and championing the rights of oil-producing nations.
Founded between September 10 and 14, 1960, by five oil-producing countries—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—OPEC was established in Baghdad with a mission to protect the sovereign rights of nations over their natural resources and ensure long-term oil market stability. Representatives from the founding countries gathered at Al-Shaab Hall in Baghdad to sign the historic agreement, a move that has had lasting implications for the global oil industry.
Reflecting on the organization’s achievements, OPEC Secretary General Haitham Al Ghais expressed pride in OPEC’s enduring role in stabilizing the global oil market. “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,” Al Ghais said.
The organization, which has grown to include additional member countries, has evolved to address new global challenges while maintaining its core mission. In recent years, OPEC has spearheaded initiatives like the Declaration of Cooperation and the Charter of Cooperation, which have facilitated stronger collaboration between OPEC and non-OPEC oil-producing nations. These efforts, aimed at ensuring market stability and sustainability, have been widely acknowledged as crucial in navigating an increasingly complex global energy environment.
“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 Organization is set to continue blossoming for years and decades to come,” Al Ghais added.
OPEC’s legacy of cooperation and dialogue remains vital as the world grapples with the challenges of energy transition, economic fluctuations, and geopolitical uncertainties. As the organization celebrates this milestone, it remains committed to its founding principles while adapting to the evolving dynamics of the global energy landscape.
