Baghdad: 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.
According to Kuwait News Agency, Al-Ghais emphasized that the organization's founding was the culmination of dialogue and cooperation between the leaders of the five founding countries, namely Kuwait, Saudi Arabia, Venezuela, Iraq, and Iran. The primary aim at the time was to achieve 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. He reminded the world of the ongoing importance of oil and its derivatives for decades to come. He elaborated that although the founding of the organization may seem inevitable today, the reality at the time was quite different. The founders realized that common interests outweighed any differences and that cooperation was essential to achieving sovereignty over their natural resources and oil wealth.
He added that despite the challenges and criticisms OPEC faced, it has proven its importance through its role in stabilizing global markets. Studies have confirmed that the organization's presence has prevented major supply shocks and billions of dollars in losses to global GDP. OPEC today comprises 12 member states and enjoys widespread recognition in the international community.
The Secretary-General also highlighted the "Declaration of Cooperation" launched with Non-OPEC+ producers in 2016, which played a crucial role in addressing the repercussions of the COVID-19 pandemic. As the organization celebrates its 65th anniversary, Al-Ghais expressed optimism for a future where OPEC will continue to play its critical role and remain a fundamental pillar of the global energy system for decades to come.