OPEC Reaffirms Its Commitment to a Stable Market with a Realistic Approach

Published: Saturday, September 14, 2024,

The Organization of the Petroleum Exporting Countries (OPEC) affirmed on Saturday that it is focused on ensuring the global oil market remains stable and balanced for the benefit of both producers and consumers, following an "inclusive" and "realistic" approach.

"There is no doubt that OPEC is the champion of the global oil market and international cooperation, as it continues, day after day, to focus on ensuring that the oil market remains stable and balanced in the interest of all producers, consumers, and the global economy, despite the challenges our industry faces," emphasized OPEC Secretary General Haitham Al Ghais in a statement published by the organization on its website, on the occasion of the 64th anniversary of its founding, which took place on September 14, 1960.

In this context, the OPEC Secretary General stated, "Today, the organization celebrates its unprecedented success story," while expressing confidence that "with the continued support of OPEC member countries and the entire OPEC family, the organization is well-positioned to continue thriving in the years and decades ahead."

In a statement issued on this occasion, the organization emphasized that "throughout its 64 years of existence, it has always advocated for cooperation and dialogue among all stakeholders to ensure global oil market stability, address challenges with inclusive and realistic approaches, and ensure that oil continues to support the development of nations and the prosperity of humanity."

OPEC also highlighted that "its vital mission and objectives aim to support the stability of the oil market and protect the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development."

In this context, the organization mentioned the Declaration of Cooperation (DoC), the historic agreement between OPEC member countries and key non-OPEC oil-producing nations, reached in Algiers on September 28, 2016, and later ratified in November of the same year in Vienna. This agreement allowed signatories to work together in the interest of sustainable oil market stability.

The signing of this declaration represented "the latest remarkable demonstration of efforts to stabilize the global oil market," the statement highlighted, adding that "the organization, celebrating its 64th anniversary today, marks more than six decades of exceptional achievements and success."

On the occasion of the 64th anniversary of the organization's founding, a ceremony was held at OPEC's headquarters in Vienna by the secretariat.

Founded in Baghdad from September 10 to 14, 1960, by Kuwait, Iraq, Iran, Saudi Arabia, and Venezuela, the organization now comprises 12 member countries: Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates, in addition to the founding.