The Organization of Petroleum Exporting Countries (OPEC) celebrated its 60th anniversary on Monday as oil costs remain low amid an unprecedented slowdown through the coronavirus pandemic.
Since its inception in 1960, the organization has sought to secure a solid and sustainable oil market for the advantages of its members and the global economy. OPEC has survived oil market cycles as it seeks to maintain strong value for the world. raw material of maximum value: oil.
More recently, the organization has been dealing with the unprecedented sharp drop in costs through the coronavirus pandemic. Demand for oil fell dramatically this year, with final economies to some extent, while the aptitude government implemented blocking procedures to curb the spread of the virus.
On Monday, he presented a new page of history in his and announced occasions in Baghdad to commemorate the 60th anniversary of its founding after a meeting, known as the Baghdad Conference, of members of Saudi Arabia, Venezuela, Iraq, Kuwait and Iran.
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“Every now and then I think of this day in 1960, the temperament in Baghdad, how these visionaries saw the long term of OPEC and the oil industry,” said Mohammad Sanusi Barkindo, OPEC secretary general, on the anniversary.
“What is transparent is that what has been put into motion has stood the passage of time; OPEC still has the same fundamental, order and stability objectives in global oil markets, but its role has also expanded considerably, in terms of additional cooperation with other producers, discussion with many industry players and attention to human attention such as sustainable development, the environment and the eradication of energy poverty,” he added.
Since 1960, the organization now has thirteen members worldwide, jointly owning about 80% of the world’s oil reserves.
In parallel with the expansion of OPEC membership, the organization has committed itself to other primary oil producers. The other producers, who come with fuel giant Russia as well as OPEC, have since been called the OPEC Group and supply the world with about some of its oil source.
This year, the OPEC alliance has taken vital steps to combat the effect of the coronavirus pandemic and aid prices, delivering an unprecedented massive agreement on reducing oil production that has noticed nearly 10 million barrels consistent with the day or oil materials withdrawn from global markets.
“We continue to target a balanced and robust oil market, in the interests of manufacturers and consumers, as shown by the Recent Declaration of Maximum Cooperation and historic production changes by 2020,” the organization said on its anniversary.
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