The Organization of Petroleum Exporting Countries (OPEC) is celebrating its 64th anniversary capping years of strenuous work and extraordinary success particularly in maintaining stable markets and protecting stakeholders’ interests.
The founding of OPEC had come as a robust response to a decision by seven oil conglomerates, branded in the 60s as “the seven sisters,” to lower the crude price, although it had been already low. They had taken the step, at the time, to compete with the cheap Russian oil that had swamped the market.
OPEC had chosen in the begining of the journey to establish its headquarters in Geneva, but five years later, in September 1965, it shifted to Vienna where it was accommodated with greater facilities and prerogatives.
One of the early landmark decisions was lifting the oil price, substantially, on the basis of the market needs.
OPEC Secretariat General said in a statement today (Saturday) on the 64th anniversary that it recalls its hard work to back the oil market stability and sa
feguard nations’ right to practice full sovereignty over their natural resources.
Between 10-14 September 1960, representatives of five oil-producing countries, Dr Fuad Rouhani of Iran, Dr Tala’at al-Shaibani of Iraq, Ahmad 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, marking the beginning of a new chapter in the global oil industry.
The vital mission of OPEC and its objectives propelled other oil-producing countries to join the Organization shortly thereafter. These included supporting oil market stability and protecting the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development.
In its 64 years of existence, OPEC has championed cooperation and dialogue among all stakeholders to achieve stability in the global oil market, address challenges through inclusive and realistic approaches, and ensure oil continues to support the deve
lopment of nations and prosperity of mankind. The most recent vivid demonstration of these efforts is the Declaration of Cooperation and the Charter of Cooperation between OPEC and non-OPEC countries.
In reflecting on the occasion, Haitham Al Ghais, OPEC Secretary General, said: “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.” “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,” the Secretary General added.
According to many observers following up on its march since its founding, the organization had to stand up in the face of the challeng
e; to impose itself in the oil sector and stand tall against the conglomerates that had monopolized the markets.
It is worth mentioning the statement by the Venezuelan Minister of Oil upon OPEC’s founding, stating “we have united today and now we are making history.” OPEC has put its heavy weight in the market balancing supplies with demand, defending producers’ rights for reasonable prices. Moreover, it has struggled to maintain a stable market for serving interests of both the producers and consumers.
Source: Kuwait News Agency
