OPEC celebrates 63rd Anniversary, lauds efforts to ensure oil market stability

MOSCOW, September 14 (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) on Thursday marks the 63rd anniversary of its founding, touting the group’s efforts to maintain oil market stability.

“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,” OPEC said in a statement.

The statement underscored the organization’s calls for cooperation, dialogue and mutual respect, which were best demonstrated through the group’s cooperation with 10 other oil-producing countries, including Russia, in an arrangement known as OPEC+.

“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,” OPEC Secretary General Haitham Al Ghais said, as quoted in the statement.

OPEC, designed to stabilize the energy market, was established by Venezuela, Saudi Arabia, Iraq, Iran and Kuwait. Over the years, the organization has expanded and now includes 13 member countries. Since its foundation, OPEC has moved its headquarters from Baghdad to Vienna, where it remains to this day.