Baghdad, Iraq – The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance have succeeded in achieving stable oil price that will benefit member states and oil industry, Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud said Friday.
The Saudi minister made the statement during a celebration hosted in the Iraqi capital, Baghdad on Friday marking the Diamond Anniversary of the OPEC’s founding, in the presence of oil and energy ministers of some member states, including Kuwaiti acting minister.
Saudi proposal to establish the OPEC+ alliance, which has helped the organization accomplish its objectives, Al-Saud said.
Both the OPEC and the OPEC+ have succeeded in achieving stability in markets, thanks to consensus among all OPEC member states, amid the economic fluctuations and uncertainty facing the world, he elaborated.
The minister lauded the outcome of the OPEC meeting in Vienna, stressing that its outcomes supported member states. At the meeting, OPEC made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines. OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024.
OPEC Secretary General Haitham al-Ghais said the organization played a pivotal role in maintaining stability and balance in energy markets across the world.
Speaking at the Baghdad 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.
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 said.