OPEC turns 60 at critical times

OPEC turns 60 at critical times

LONDON “” The Organisation of the Petroleum Exporting Countries (OPEC) faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuel.

Founded on September 14, 1960, by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela who sought to control crude oil output, OPEC currently comprises 13 members, including countries from Africa and Latin America.

The 60th anniversary "comes at a critical moment in its history", UniCredit analyst Edoardo Campanella said in reference to the OPEC.

"Its ability to steer the oil market in its favour has never been put in question to the extent it is now," he noted.

 

 'Relevant role' 

 

The Vienna-based institution convenes for regular meetings to assess the state of supply and demand in the marketplace