ECONOMY


OPEC ready to regulate global oil market for another 60 years, says Secretary General

Baku, September 14, AZERTAC

The Organization of the Petroleum Exporting Countries (OPEC) celebrates its 60th anniversary on Monday and plans to retain the role of stabilizer on the global oil market for another at least six decades, Secretary General Mohammad Barkindo said in his speech published on the website of the OPEC Secretariat, according to TASS.

"Looking ahead, the Organization stands ready to meet the many challenges we shall face as we enter the next 60 years of our history. We remain focused on a balanced and stable oil market, in the interests of both producers and consumers, as most recently exhibited through the Declaration of Cooperation and the historic production adjustments of 2020," he said, adding that the agreement provides "options and solutions to some of the major challenges facing humankind, such as sustainable development and energy poverty alleviation."

OPEC was created at the Baghdad Conference in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five founding members were later joined by other countries. As of March 2020, OPEC consisted of 13 countries: Algeria, Angola, Venezuela, Gabon, Iran, Iraq, Congo, Kuwait, Libya, United Arab Emirates, Nigeria, Saudi Arabia, and Equatorial Guinea. The Organization has its headquarters in Vienna. It accounts for one third of all global crude oil production.

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