The Organization of the Petroleum Exporting Countries (OPEC) marks the 62nd Anniversary of its founding.

Between 10-14 September 1960, OPEC’s five Founding Fathers – 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 – descended on the Al-Shaab Hall in Baghdad to establish the Organization. OPEC’s creation marked the beginning of a new chapter in the oil industry.

OPEC’s five Founder Members joined efforts to safeguard their legitimate national interests. They called for cooperation, dialogue and mutual respect among all, as well as the need to address challenges in a collective manner and use oil to support national growth and development. The most vivid demonstration of that is the ongoing ‘Declaration of Cooperation (DoC)’ process, whereby OPEC works with 10 non-OPEC producing countries towards oil market stability.

The proactive and responsible decisions undertaken by DoC participants following the outbreak of the COVID-19 pandemic and the severe contraction in oil demand serve as testament to the firm commitment to these principles.

In reflecting on this occasion, HE Haitham Al Ghais, OPEC Secretary General, said: “This ‘OPEC Day’ offers us an opportunity to reflect on our Organization’s history, celebrate our heritage and renew our commitment to the noble ideals upon which OPEC was founded. Honouring our past can serve as a guide and inspiration for achieving a bright and successful future.”

“On this occasion, I would like to send my best wishes and warmest congratulations to the entire OPEC Family; our Member Countries and staff at the OPEC Secretariat. I am confident that the Organization’s best days lie ahead of it,” the Secretary General added.

Cooperation and dialogue have been instrumental in OPEC’s work for more than six decades. They support its efforts in ensuring oil market stability in the interest of producers, consumers, investors and the global economy at large. These endeavours are also vital because of the wider societal benefits they provide.