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OPEC 60th Anniversary

Successful past, sustainable future


OPEC 60th Anniversary

Successful past, sustainable future


OPEC 60th Anniversary

Successful past, sustainable future


OPEC 60th Anniversary

Successful past, sustainable future


OPEC: 60 years and beyond

The Organization of the Petroleum Exporting Countries (OPEC) will mark its 60th Anniversary in September 2020, celebrating a new milestone in the distinguished history of the Organization.

Founded in September 1960, OPEC’s historic journey began in a meeting that took place in the Al-Shaab Hall in Bab Al-Muaadham in Baghdad, Iraq. Representatives of OPEC’s Founder Members – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela – attended the meeting, which is widely known as the ‘Baghdad Conference.’

At this meeting, OPEC’s Founder Members together wrote a new chapter in the history of international cooperation and the oil sector, leading to the birth of the Organization.

Sixty years later, OPEC continues to play a pivotal role in the oil industry in pursuit of its noble objective – supporting stability in the world’s oil market in the interests of producers, consumers and the global economy.

Reflection

Amid preparations for the celebration of OPEC’s Diamond Anniversary, OPEC Secretary General, HE Mohammad Sanusi Barkindo, said: “The 60 year Anniversary of OPEC’s founding offers an opportunity for us to take stock of the momentous journey this Organization has been on. In learning the lessons of the past, we can look forward to the future. I have no doubt that even though we have achieved so much so far, this Organization’s best days lie ahead of it.”

The Secretary General added: “When our Organization was founded, few could have foreseen the enormous, positive impact that OPEC would have on the oil market and the global economy. The vision of our Founder Members lives in the hearts of all people who seek oil market stability in the interests of producers, consumers and the global economy.”

Achievements

Over its 60 years of existence, the Organization has witnessed a number of momentous milestones. OPEC moved its Headquarters from Geneva, Switzerland, to the Austrian capital of Vienna in 1965.

OPEC also embarked on a new era of cooperation in 2016, when its Member Countries joined 10 other oil producers and signed the unprecedented and historic ‘Declaration of Cooperation’ to support stability in the global oil market. The ‘Declaration’ revolves around three key principles: transparency, equity and fairness. These principles form the core of the partnership between OPEC Member Countries and non-OPEC oil producing partners.

The momentum continued when these 24 oil-producing countries, including all OPEC Members, endorsed the ‘Charter of Cooperation’ in 2019. The ‘Charter’ is a voluntary platform for states to facilitate dialogue and exchange views regarding conditions and developments in the global oil and energy markets. This in turn aims to contribute to a secure energy supply and lasting stability for the benefit of producers, consumers, investors and the world economy.

The year 2020 also marks OPEC’s 55th Anniversary since it moved its Headquarters to Vienna, Austria.

Achievements

Over its 60 years of existence, the Organization has witnessed a number of momentous milestones. OPEC moved its Headquarters from Geneva, Switzerland, to the Austrian capital of Vienna in 1965.

OPEC also embarked on a new era of cooperation in 2016, when its Member Countries joined 10 other oil producers and signed the unprecedented and historic ‘Declaration of Cooperation’ to support stability in the global oil market. The ‘Declaration’ revolves around three key principles: transparency, equity and fairness. These principles form the core of the partnership between OPEC Members Countries and non-OPEC oil producing partners.

The momentum continued when these 24 oil-producing countries, including all OPEC Members, endorsed the ‘Charter of Cooperation’ in 2019. The ‘Charter’ is a voluntary platform for states to facilitate dialogue and exchange views regarding conditions and developments in the global oil and energy markets. This in turn aims to contribute to a secure energy supply and lasting stability for the benefit of producers, consumers, investors and the world economy.

The year 2020 also marks OPEC’s 55th Anniversary since it moved its Headquarters to Vienna, Austria.

Contribution to the global community

Since its founding, OPEC has been committed to supporting stability in the global oil market. The Organization has also been committed to three key objectives: securing a steady income for the producing countries; ensuring an efficient, economic and regular supply of petroleum to the consuming nations; and bringing about a fair return on capital for those investing in the petroleum industry.

However, the Organization’s positive contribution to the world and the global community goes beyond these goals.

OPEC is an advocate of environmental initiatives and issues related to sustainable development and eradication of energy poverty. Since the inception of climate change discussions, OPEC and its Member Countries have actively participated in the relevant processes. Our 13 Member Countries have all signed the Paris Agreement, 10 have ratified it as well.

OPEC participates in the UN processes on climate change and sustainable development, and attends meetings such as the Conference of the Parties (COP), the decision-making body under the United Nations Framework Convention on Climate Change (UNFCCC), and the High-level Political Forum (HLPF) on the review of the Sustainable Development Goals (SDGs), as well as other relevant intergovernmental processes.

The Organization believes that the oil industry has an important role to play in addressing the climate challenge and eradication of energy poverty in the context of sustainable development. Complex problems require comprehensive, inclusive, balanced and fair solutions. The oil sector can contribute to an emissions-free future, particularly with regard to technological innovation and efficiency enhancement.

OPEC International Energy Dialogues

Fostering dialogue among all stakeholders in the international energy community is intrinsic to OPEC. This has been reaffirmed in our three Solemn Declarations, our Long Term Strategy and other crucial statutory documents.

In recent years, our energy dialogues with the EU, the Russian Federation, PR China, India and independent suppliers in the US, have gone from strength to strength. We cooperate across a broad range of fronts with the International Energy Agency and International Energy Forum. Furthermore, dialogue has been established with the Gas Exporting Countries Forum.

We also regularly engage with the Joint Organisations Data Initiative; the IMF and World Bank; OECD International Regulatory Cooperation; the Vienna Energy Club; the International Civil Aviation Organization; the International Marine Organization; the G20; the African Petroleum Producers’ Organization; the African Energy Commission; and KAPSARC, as well as Alberta (Canada); Argentina; Brazil; Columbia; and Norway. OPEC also regularly liaises with oil firms, such as Equinor (Statoil), and stakeholders in the private sector, including Siemens and Dietsmann.

OPEC International Energy Dialogues

Fostering dialogue among all stakeholders in the international energy community is intrinsic to OPEC. This has been reaffirmed in our three Solemn Declarations, our Long Term Strategy and other crucial statutory documents.

In recent years, our energy dialogues with the EU, the Russian Federation, PR China, India and independent suppliers in the US, have gone from strength to strength. We cooperate across a broad range of fronts with the International Energy Agency and International Energy Forum. Furthermore, dialogue has been established with the Gas Exporting Countries Forum.

We also regularly engage with the Joint Organisations Data Initiative; the IMF and World Bank; OECD International Regulatory Cooperation; the Vienna Energy Club; the International Civil Aviation Organization; the International Marine Organization; the G20; the African Petroleum Producers’ Organization; the African Energy Commission; and KAPSARC, as well as Alberta (Canada); Argentina; Brazil; Columbia; and Norway. OPEC also regularly liaises with oil firms, such as Equinor (Statoil), and stakeholders in the private sector, including Siemens and Dietsmann.

The years ahead

As an advocate of cooperation and dialogue, OPEC consistently seeks to build bridges between parties and facilitate discussions on issues of great importance and relevance to both the industry and the global community, such as developments in the oil market, the energy transition, decarbonisation of economies, climate change and technological innovation.

In its efforts to ensure oil market stability, OPEC seeks to play a critical role in alleviating energy poverty, the seventh of the UN’s Sustainable Development Goals within the 2030 Agenda for Sustainable Development.

In an ever-evolving world, OPEC is set to remain a pivotal instrument in the oil industry to ensure sustainable stability in the years ahead, backed by the firm support of its Member Countries.