Al-Ghais hails OPEC’s ‘unique’ role

Al-Ghais hails OPEC’s ‘unique’ role

GENEVA: Haitham Al-Ghais, OPEC Secretary General, said on Thursday that the organization played a unique role and achieved several milestones since inception over six decades ago. In a press release commemorating its 63rd anniversary, Al-Ghais said, “OPEC is a unique organization that has stood the test of time. “For more than six decades, OPEC has endeavored to support oil market stability in the interest of all producers and consumers, as well as the global economy at large, despite the challenges that have faced our industry.

“The history of OPEC is replete with many achievements. We are grateful for the support of our Member Countries and the entire OPEC Family. I am confident that the Organization’s best days lie ahead,” the Secretary General added. Between September 10-14 1960, representatives from five oil-producing countries—Iran, Iraq, Kuwait, Saudi Arabia and Venezuela—gathered in the Al-Shaab Hall in Baghdad to found OPEC. This historic milestone marked the beginning of a new chapter in the oil industry.

The five founding members were soon joined by other oil-producing countries with mutual interests, such as supporting oil market stability and protecting the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development. For