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Minister of Oil: Since its establishment, OPEC has contributed to securing regular supplies of oil

14-09-2023

Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, said on Thursday that the Organization of Petroleum Exporting Countries (OPEC) has contributed since its establishment to ensuring the stability and balance of oil markets with the aim of securing regular supplies of oil. Al-Barrak added in a statement to Kuwait News Agency (KUNA) on the occasion of the 63rd anniversary of the establishment of the organization that it succeeded in achieving the goals it set for itself, which include coordinating and unifying the oil policies of member states. He stated that OPEC is an international economic platform that acts with full responsibility and constantly strives to maintain stability in the oil market for the benefit of both producers and consumers. It also contributes to the recovery of the global economy, which achieves a solid mutual interest for all. He stressed that it achieved great success by establishing the OPEC+ alliance, which includes 23 oil-exporting countries, in November 2016, as it “contributed to restoring balance to the market after the Corona pandemic in 2020, and it is still continuing the cycle.” He explained, "OPEC members have demonstrated, at various stages, harmony, harmony, and consensus that have contributed to recording continuous successes. They have proven that they keep the balance of the oil market in mind. They work according to a future strategy and vision, and they have a noticeable presence in all international forums, international negotiations, and economic blocs." He stated that OPEC places among its priorities the achievement of economic development and takes into account the preservation of the environment, economic development and energy security. It confirms that it is moving with all professionalism and progressing towards energy transformation and expanding its investments to raise its production capacity to ensure security of supplies. OPEC was established on September 14, 1960, with five members: Saudi Arabia, Kuwait, Iraq, Iran, and Venezuela.