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14 Sep 2017

OPEC turns 57 today

The Fourteenth of September is always a special day for OPEC.  It is the day in 1960 when the five Founding Members of OPEC, Iraq, the Islamic Republic of Iran, Kuwait, Saudi Arabia and Venezuela created OPEC at the historic ‘Baghdad Conference’.  Today is the Organization’s 57th anniversary.

These five Founding Members representing their oil-producing nations joined together around the premise of cooperation, with a commitment to safeguard their legitimate national interests and to ensure order and stability in the international oil market.  Since then, this group has been joined by many new members, with the Organization now standing at 14 countries that are respected far and wide as an established part of the international energy community.

The Organization has overcome many challenges over the past 57 years, but it continues to prosper.  It has helped maintain stable and regular supplies of oil to the global market; it has expanded its role on the global energy stage, which is now much more interconnected and interdependent than in 1960; and it has helped enhance and build better cooperation and dialogue among producers and consumers, as well as other international organizations.  These are all enshrined in the OPEC Statute that was crafted when OPEC was formed, and remain relevant today, as we can see through accomplishments on every front, including the historical ‘Declaration of Cooperation’ between 24 OPEC and non-OPEC producing nations.

On any anniversary it is also important to look back and appreciate the efforts of all those who have worked so hard over the past 57 years to make OPEC the success it has become.  These include generations of Heads of State and Government, Ministers, Secretary Generals, Governors and high-level experts, as well as the Management and Staff that have continuously driven the Secretariat forward over the decades.

OPEC Secretary General, Mohammad Sanusi Barkindo, said: “Today is a day to remind ourselves of the qualities of those people that have served the Organization over the years with vision, commitment, perseverance and sacrifice.  This has helped us to tackle the challenges and harvest the opportunities presented to the Organization and its Member Countries, in pursuit of OPEC’s noble objectives.”