OPEC Turns 60 During the Most Challenging Year for the Oil Market

OPEC Turns 60 During the Most Challenging Year for the Oil Market

The Organisation of Petroleum Exporting Countries (Opec) stands ready to meet the many challenges it will face as it enters the next six decades of its history, affirmed the Vienna-based organisation on the occasion of its 60th anniversary on Monday.

The five Founding Fathers of Opec: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela gathered at the historic 'Baghdad Conference' in 1960, to midwife Opec into the world, reported state news agency Wam. 

Opec established itself with courage, persistence and diligence, through the development of its statute that remains in place today. 

The seminal ‘Baghdad Conference', saw these five visionaries from the Founder Member Countries gather together around the premise of cooperation and with the need to write their own story.

''We remain focused on a balanced and stable oil market, in the interests of both