OPEC Chief Underlines Role Of Organization In Stabilizing Global Oil Market

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Sept 12 (KUNA) -- OPEC Secretary General Haitham Al-Ghais affirmed Friday on the organization's pivotal role in stabilizing the global oil market and ensuring the rights of both producing and consuming countries.
Al-Ghais' remarks came in a press statement marking the 65th anniversary of OPEC's founding in Baghdad on September 14, 1960.
OPEC chief added that the organization's founding was the culmination of dialogue and cooperation between the leaders of the five founding countries (Kuwait, Saudi Arabia, Venezuela, Iraq, and Iran), with the aim of achieving sovereignty over their natural resources against the control of major foreign companies.
Al-Ghais noted that OPEC has been and will remain a source of stability and a pivotal factor in the global energy landscape, reminding the world of the importance of oil and its derivatives for decades to come.
He explained that although "the founding of the organization may seem inevitable today, the reality at the time was completely different," indicating that the founders realized that common interests outweighed any differences and that cooperation was the path to achieving sovereignty over their natural resources and oil wealth.
Al-Ghais added that OPEC, despite the challenges and criticisms it faced, has proven its importance through its role in stabilizing global markets, citing studies that confirmed that the organization's presence has prevented major supply shocks and billions of dollars in losses to global GDP.
He added that OPEC today comprises 12 member states and enjoys widespread recognition in the international community.
The Secretary-General also highlighted the "Declaration of Cooperation" that OPEC launched with Non-OPEC+ producers in 2016, which played a crucial role in addressing the repercussions of the COVID-19 pandemic.
"As we celebrate the 65th anniversary of the organization's founding and review its achievements and successes, we look forward to a future in which OPEC will continue to play its critical role and remain a fundamental pillar of the global energy system, not only for the coming years but for decades to come," Al-Ghais added. (end)
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