OPEC celebrates 60yrs of promoting stability

By Ibraheem Olamileken

The Organization for Petroleum Exporting Countries (OPEC) is celebrating its 60th anniversary of promoting order and stability in the international oil market.

The anniversary which is always on the 14th of September is a time to reflect and appreciate the efforts of all those who have worked so hard throughout OPEC’s history and the resounding success, it has become.

In the context of that time, when the oil industry was dominated by the major oil companies, which was reflected in its structure and behaviour, it was a heroic and pioneering act by the Founder Members to come together in the Iraqi capital.

The Secretary-General of OPEC, Mohammad Sanusi Barkindo, in reflecting their 60th anniversary, said “I often think back to that day in 1960, the mood in Baghdad, how those visionaries envisaged the future of OPEC and the oil industry. What is clear is that what was set in motion has stood the test of time;

“OPEC still has the same core objectives, of order and stability in global oil markets, but its role has also broadened considerably, in terms of deeper cooperation with other producers, dialogue with a host of industry stakeholders, and an embrace of human concerns such as sustainable development, the environment and energy poverty eradication,” he added.

In the 1960s, OPEC established itself with courage, persistence and diligence, through the development of its Statute that remains in place, today, registering at the United Nations (UN) Secretariat on 6 November 1962, under UN Resolution No 6363, initiating several landmarks decisions, such as the ‘Declaratory Statement of Petroleum Policy in Member Countries’ in 1968 and expanding its Membership.

Sixty years on, the Organization that is today 13 Member Countries is now an integral part of the international energy community and the multilateral system. It is widely consulted on oil industry affairs, remains firmly committed to secure and steady supplies and fair returns to investors, Member Countries run their domestic oil sectors across the entire value chain and the Organization have expanded its activities to champion issues affecting mankind as a whole.

It is also an opportunity to, once again, extend the Organization’s gratitude to Austria and the City of Vienna, which have been warm and generous hosts to the Secretariat since OPEC moved to this grand, historic city 55 years ago.

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; further elevating dialogue and cooperation through the Charter of Cooperation; and providing options and solutions to some of the major challenges facing humankind, such as sustainable development and energy poverty alleviation.