The Organization of the Petroleum Exporting Countries (OPEC) remains committed to maintaining stability and balance in the oil market, benefiting both producers and consumers, as well as the global economy, according to the OPEC chief.

In a statement commemorating the 64th anniversary of the organization on September 14, Haitham Al Ghais, OPEC Secretary General, remarked, “OPEC undoubtedly stands as the leader of the global oil market and a proponent of international collaboration.”

He further expressed confidence in OPEC's future, stating, “As we reflect on OPEC’s remarkable history of achievements, I believe that with the ongoing support from our member countries and the entire OPEC Family, the organization is poised for continued growth in the years and decades ahead.”

The foundation of OPEC took place between September 10 and 14, 1960, when representatives from five oil-producing nations—Dr. Fuad Rouhani of Iran, Dr. Tala’at al-Shaibani of Iraq, Ahmed Sayed Omar of Kuwait, Abdullah Al-Tariki of Saudi Arabia, and Dr. Juan Pablo Perez Alfonzo of Venezuela—gathered at the Al-Shaab Hall in Baghdad to establish the organization, marking a significant milestone in the global oil sector.

OPEC's essential mission and objectives soon attracted additional oil-producing nations to join, focusing on stabilizing the oil market and affirming the rights of all countries to maintain sovereignty over their natural resources for developmental purposes.

Over its 64 years, OPEC has fostered cooperation and dialogue among all stakeholders to ensure stability in the global oil market, tackle challenges with inclusive and pragmatic strategies, and guarantee that oil continues to facilitate national development and enhance human prosperity.

A recent testament to these efforts is the Declaration of Cooperation and the Charter of Cooperation established between OPEC and non-OPEC countries.