News
& Events

Speech of His Excellency the Minister of Oil and the Acting Minister of Electricity and Water on the 60th anniversary of OPEC Founding

14-09-2020

The Organization of Petroleum Exporting Countries (OPEC) today celebrates its 60th anniversary of its establishment. The Organization was established on September 14,1960 at the initiative one of the five major oil producing countries at the time and they are: Kuwait, Saudi Arabia, Iran, Iraq and Venezuela at a meeting which was held in Baghdad the capital of Iraq. However, OPEC became one of 13 oil producing countries and the most important organization was established to maintain the stability of the international oil market and protect the world economy. The celebration of OPEC's 60th anniversary coincides with the passage of the entire world through the difficult circumstances that the market is currently experiencing due to the spread of the coronavirus which led to wide economic disturbances and unprecedented collapses in the history of the oil industry. As usual, OPEC maintained the oil market through its historic decisions in 2020 to reduce production levels, which were considered the largest in the history of the organization, to maintain oil prices, provide oil supplies to the world and ensure the stability of the markets. OPEC confirms its leadership in achieving the ideal equation of maintaining prices to ensure the interest of consumers, but without negatively affecting producers and investors in the oil industry.