Vienna, September 14, 2023, Today is the 63rd birthday of the Organization of the Petroleum Exporting Countries (OPEC). In a news release, OPEC claimed that between September 10 and 14, 1960, representatives from five oil-producing nations met in Baghdad's Al-Shaab Hall to establish OPEC. "This significant milestone signaled the start of a new era for the oil industry." Other oil-producing nations soon joined the five founding members, sharing a common aim of preserving the stability of the oil market and defending each nation's right to permanently exercise sovereignty over its natural resources for the sake of development.
For 63 years, OPEC has emphasized the necessity for everyone to work together, communicate, and respect one another, as well as the need to confront problems as a group. The current "Declaration of Cooperation" process, in which OPEC is collaborating with 10 non-OPEC oil-producing nations to ensure market stability, is the most striking illustration of that.
OPEC is a distinctive institution that has withstood the test of time, said OPEC Secretary General Haitham Al Ghais. Despite the difficulties our sector has encountered, OPEC has worked to ensure oil market stability for more than 60 years in the interests of all producers, consumers, and the global economy as a whole.
"OPEC has a long history and has accomplished many things. We appreciate all of the assistance from the OPEC family and our member nations. The organization's best days are still to come, I am certain," the secretary general continued.
