The Organization of the Petroleum Exporting Countries (OPEC) will mark its 60th Anniversary in September 2020, celebrating a new milestone in the distinguished history of the Organization.
Founded in September 1960, OPEC’s historic journey began in a meeting that took place in the Al-Shaab Hall in Bab Al-Muaadham in Baghdad, Iraq. Representatives of OPEC’s Founder Members – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela – attended the meeting, which is widely known as the ‘Baghdad Conference.’
At this meeting, OPEC’s Founder Members together wrote a new chapter in the history of international cooperation and the oil sector, leading to the birth of the Organization.
Sixty years later, OPEC continues to play a pivotal role in the oil industry in pursuit of its noble objective – supporting stability in the world’s oil market in the interests of producers, consumers and the global economy.
Amid preparations for the celebration of OPEC’s Diamond Anniversary, OPEC Secretary General, HE Mohammad Sanusi Barkindo, said, “The 60 year Anniversary of OPEC’s founding offers an opportunity for us to take stock of the momentous journey this Organization has been on. In learning the lessons of the past, we can look forward to the future. I have no doubt that even though we have achieved so much so far, this Organization’s best days lie ahead of it.”
The Secretary General added: “When our Organization was founded, few could have foreseen the enormous, positive impact that OPEC would have on the oil market and the global economy. The vision of our Founder Members lives in the hearts of all people who seek oil market stability in the interests of producers, consumers and the global economy.”
Over its 60 years of existence, the Organization has witnessed a number of momentous milestones. OPEC moved its Headquarters from Geneva, Switzerland, to the Austrian capital of Vienna in 1965.
OPEC also embarked on a new era of cooperation in 2016, when its Member Countries joined 10 other oil producers and signed the unprecedented and historic ‘Declaration of Cooperation’ to support stability in the global oil market.
The ‘Declaration’ revolves around three key principles: transparency, equity and fairness. These principles form the core of the partnership between OPEC Member Countries and non-OPEC oil producing partners.
The momentum continued when these 24 oil-producing countries, including all OPEC Members, endorsed the ‘Charter of Cooperation’ in 2019.
Source: https://anniversary.opec.org/site/
