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The Deputy His Excellency the Ministry of Oil on the founding of OPEC’s 60th anniversary

14-09-2020

On the 60th anniversary of the Organization of Petroleum Exporting (OPEC) Founding, Kuwait was a major and active role within the organization to restore balance stability to the global oil market which was a huge appreciation from OPEC and non-OPEC countries. Kuwait was one of the first five countries to establish the Organization of Petroleum Exporting Countries (OPEC) on September 14th,1960. Over the past years, it gained a leading voice that protects the interests of producers and consumers alike and it unites oil policies among member states with the aim of keeping the prices with a sharp osciliation thus supporting global economic growth. OPEC has proved to be the reliable source supplying the entire world with oil which was a pivotal role in maintaining price stability and has always proved to be the dominant player in the world oil markets with sufficient productive flexibility to control price fluctuations and will continue to play this vital and important role in the coming decades.