OPEC looks for stability in oil markets as it turns 60

OPEC marked its 60th anniversary on Monday and the current OPEC Secretary General talked about the importance of co-operation between OPEC and Non-OPEC members to help maintain stability in the oil markets.

OPEC today consists of 13 Member Countries and as OPEC states is “an integral part of the international energy community and the multilateral system.”

In a statement, OPEC said: “it remains firmly committed to secure and steady supplies and fair returns to investors, Member Countries run their own domestic oil sectors across the entire value chain, and the Organization has expanded its activities to champion issues affecting mankind as a whole.”

In reflecting on this, Mohammad Sanusi Barkindo, OPEC Secretary General noted: “I often think back to that day in 1960, the mood in Baghdad, how those visionaries envisaged the future of OPEC and the oil industry. What is clear is that what was set in motion has stood the test of time; OPEC still has the same core objectives, of order and stability in global oil markets, but its role has also broadened considerably, in terms of deeper cooperation with other producers, dialogue with a host of industry stakeholders, and an embrace of human concerns such as sustainable development, the environment and energy poverty eradication.”

For the future, OPEC said it stands ready to meet the many challenges to come.

“We remain focused on a balanced and stable oil market, in the interests of both producers and consumers, as most recently exhibited through the Declaration of Cooperation and the historic production adjustments of 2020; further elevating dialogue and cooperation through the Charter of Cooperation; and providing options and solutions to some of the major challenges facing humankind.”