Kuwait marks its 65th anniversary as a cornerstone of OPEC collaboration
In a significant milestone, the Organization of the Petroleum Exporting Countries (OPEC) marked its 65th anniversary in 2025. Established at a 'historic meeting' in Baghdad on September 14, 1960, with Kuwait, Saudi Arabia, Iraq, Iran, and Venezuela as the founding members, OPEC was formed to enhance national and economic development through cooperation among producing countries.
The original aim of OPEC was to consolidate the principle of national sovereignty over natural resources to serve sustainable development for their citizens. Over the years, OPEC has demonstrated its ability to maintain supply security and market stability while promoting investment in all energy sectors and modern technologies.
During the COVID-19 pandemic, OPEC's actions underscored its ability to address global challenges and maintain market stability. The formation of the OPEC Plus alliance in late 2016 was a pivotal moment, helping stabilize oil supplies during the pandemic. Kuwait, as a founding member and active partner, played a key role in supporting OPEC's policies and achieving its strategic goals.
Kuwait's Minister of Oil, Tareq Sulaiman Al-Roum, highlighted the formation of the OPEC in 1960 as a historic milestone in the global energy sector. He emphasized that Kuwait was not just a founding member but an active partner in laying the foundations for cooperation among producing countries.
Al-Roumi's remarks underscored OPEC's role in promoting a balanced approach to social, economic, and environmental well-being. He noted that the OPEC Fund for International Development, established in 1976, expanded the organization's impact, supporting social and economic development plans in numerous countries.
The OPEC Fund for International Development has been instrumental in supporting ambitious development plans beyond the organization's member states. This expansion of OPEC's reach reflects its commitment to promoting sustainable development not just within its member states, but globally.
Kuwait actively supported collective coordination policies within the OPEC Plus alliance, resulting in the largest and longest voluntary production adjustments in oil market history. These actions earned international recognition and strengthened global confidence in the organization's policies.
OPEC has played a crucial role in international negotiations, including the Conference of the Parties to the United Nations Framework Convention on Climate Change. By creating a favorable environment through long-term forecasts and strategies that encourage investment in diverse energy types and modern technologies, OPEC has contributed to a more sustainable future for all.
As we celebrate OPEC's 65th anniversary, it is clear that the organization continues to play a vital role in the global energy sector. Its commitment to cooperation, sustainability, and balanced development makes it an essential player in shaping the future of energy production and consumption.
