The Organization of the petroleum exporting countries (OPEC) celebrates its 60th anniversary on Monday and expects to maintain its role as a stabilizer in the global oil market for at least six more decades. This was stated by the OPEC Secretary-General Mohammad Barkindo in his congratulatory speech published on the Secretariat's website.
"Looking to the future, OPEC is ready for the new challenges that we will face in the next 60 years of our history. Our interest is in a balanced and stable oil market for the benefit of both producers and consumers," he said, noting that the organization successfully copes with this mission through the agreement on regulating oil production, known as OPEC+, which involves 23 countries, including Russia. Barkindo believes that it will allow humanity to achieve sustainable development while reducing energy poverty.
OPEC was founded in September 1960 at an oil conference in Baghdad by five states-Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later, other countries joined them. As of March 2020, OPEC consists of 13 countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela. Its headquarters are located in Vienna. OPEC accounts for a third of the world's oil production.
Initially, the events dedicated to the 60th anniversary of OPEC were planned to be held in Baghdad, but due to the epidemiological situation and transport restrictions, the meeting was decided to be postponed, the Secretariat said. According to TASS sources, it may be held on December 4 in the Iraqi capital, if the impact of the pandemic weakens by this time.
As Barkindo notes in his speech, the festive meeting of OPEC members should be held at the Al-Shaab exhibition complex in Baghdad, it will include not only Ministerial consultations but also musical and cultural events.
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Based on materials from TASS