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SME Guide

OPEC Turns 63 – A Milestone Marking Cooperation and Market Stability

Baghdad, September 1960 – Five nations came together and changed the course of oil history. Representatives from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela gathered to form a new alliance – the Organization of Petroleum Exporting Countries (OPEC).

This bold move sparked a new era of cooperation among oil producers. No longer would they simply bend to the will of large foreign oil companies. Now they had a vehicle to collectively ensure their interests and stabilize global markets.

In the six decades since OPEC has weathered storms and expanded its reach. Angola, Algeria, Libya, Nigeria, Gabon, Ecuador, Equatorial Guinea and Congo have joined the ranks. Despite ups and downs, OPEC has endeavored to support market stability benefitting both producers and consumers.

Now, OPEC is marking 63 years of resilience and collaboration. “OPEC is a unique organization that has stood the test of time,” said Secretary-General Haitham Al Ghais. “The history of OPEC is replete with achievements. We are grateful for the support of our member countries.”

Current challenges like the Declaration of Cooperation are being tackled collectively. Al Ghais remains confident that OPEC’s best days lie ahead. This anniversary is a milestone reminding us that through cooperation and respect, shared interests can prevail over division.

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