The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance succeeded in achieving stable oil price that will benefit member states and oil industry in general, Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud said Friday.
The Saudi minister made the statement during a celebration hosted by the Iraqi capital, Baghdad, today marking the Diamond Anniversary of OPEC’s founding, in the presence of oil and energy ministers of some member states, including Kuwaiti acting minister.
The OPEC achieved the purpose of its founding and enhanced its march through the Saudi proposal on founding the OPEC+ alliance, which helped the organization achieve its aims, he said.
Both OPEC and OPEC+ have succeeded in achieved stability in markets, thanks to consensus amongst, and interest of, all OPEC member states, amid these current conditions, economic fluctuations and uncertainty facing the world, he elaborated.
The minister lauded the results of the OPEC meeting in Vienna, stressing that its outcomes supported member states and made tranquillity to oil investors. Meanwhile, OPEC Secretary General Haitahm Al-Gais said the organization played a pivotal role in maintaining stability and balance in energy markets across the world.
Speaking in the same celebration, Al-Gais indicated that the historical agreement on establishing the organization in 1960 contributed to maintaining the sovereign right of the five constituent countries to their natural wealth, mainly oil, and drawing up a new global path, which benefited all oil-producing countries.
Therefore, the organization normally grew to reach its current position as a vital and effective member in international energy sector, he stated.
Consequently, the number of members rose to 13 that follow the same principles on which the bloc was founded that include cooperation, dialogue and mutual respect, he clarified.
The OPEC will continue playing its pivotal role in energy markets to maintain their balance and stability for the generations of today and future, Al-Gais concluded.
Source: Kuwait News Agency