OPEC Marks 65Th Anniversary Of Establishment

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Sept 14 (KUNA) -- The Organization of Petroleum Producing Countries (OPEC) marked on Sunday its 65th anniversary of establishment with an eye on a future with stable markets and multilateral dialogue.
Between September 10-14, 1960, and after intensive meetings held in the Iraqi capital Baghdad, the establishment of OPEC was announced by founding members Kuwait, Saudi Arabia, Iraq, Iran, and Venezuela.
Kuwait was represented at the meeting by Ahmad Sayed Omar alongside Saudi Arabia's Abdullah Al-Tariki, Iran's Fuad Rouhani, Iraq's Tala'at Al-Shaibani, and Venezuela's Juan Pablo Perez Alfonzo.
According to OPEC, the organization's formation "occurred at a time of transition in the international economic and political landscape, with extensive decolonisation and the birth of many new independent states in the developing world."
"The international oil market was dominated by the 'Seven Sisters' multinational companies," the organization added, indicating that such companies intentionally spiked prices twice in 1959 and 1960 causing severe damage to oil exporting countries and thus OPEC was born.
The establishing meeting devised a system ensuring the stability of prices and guaranteed production, attending to the needs of both producers and consumers.
The founding of OPEC was also meant to boost cooperation among members and unify policies when needed, leaving the door open for more countries to join the organization via approval of the original five members.
The accord establishing OPEC in 1960 was registered on November sixth, 1962 at the UN Secretariat in accordance with Article 102 of the UN's Charter, which requirs international agreements to be registered with the UN.
OPEC took in 1960 Geneva, Switzerland, as its headquarters, before heading to Vienna, Austria, after five years.
Qatar joined OPEC in 1961, followed by Libya and Indonesia in 1962, There are 12 members in the organization.
In the span of seven decades, OPEC has managed to keep its principles and values intact since establishment, making sure that the oil and energy markets were stable.
OPEC is run by the Board of Governors and Economic Council, with the former being the main driver of the organization and the latter focusing on economic studies. OPEC has many committees tasked with production observation, internal audit, and other responsibilities.
In 1976, OPEC established the OPEC Fund for International Development, headquartered in Vienna, with the aim of boosting cooperation between OPEC members and developing countries through providing assistance and loans.
Kuwait played an integral role in OPEC activities, whether within the boundaries of the organization or through deals outside of OPEC, namely the OPEC+ agreement.
Kuwait contributed immensely in the previous decades and in January 2022, OPEC members nominated Dr. Haitham Al-Ghais to be the organization's Secretary General for a three-year term starting in August 2022. His mandate was renewed for an additional three years in August 2025, reflecting trust in Kuwait's leading role within OPEC. (end)
abd

MENAFN14092025000071011013ID1110058529