Kuwait celebrates 65 years as a pillar of OPEC cooperation
Tareq Sulaiman Al-Roum, the Minister of Oil, said over the decades, the organization has contributed to supporting the local petroleum industries of member states, ensuring oil market stability, and enhanced global energy security.
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Tareq Sulaiman Al-Roum, Kuwait’s Minister of Oil, highlighted the formation of the OPEC Plus alliance in late 2016 as a pivotal moment, helping stabilize oil supplies during the COVID-19 pandemic.
Tareq Sulaiman Al-Roum, the Minister of Oil, highlighted that the founding of the Organization of the Petroleum Exporting Countries (OPEC) marked a historic milestone in the global energy sector, emphasizing Kuwait’s key role from the outset in supporting its policies and achieving strategic goals, reported Al Anba newspaper.
Marking the 65th anniversary of OPEC’s establishment, Al-Roum noted that the organization was launched at the “historic meeting” in Baghdad on September 14, 1960, attended by the five founding members: Kuwait, Saudi Arabia, Iraq, Iran, and Venezuela.
He explained that the establishment of OPEC marked the beginning of a new era for producing countries, during which they asserted sovereignty over their natural resources, allowing their peoples to benefit from a collective vision aimed at enhancing national and economic development.
He emphasized that Kuwait was not merely a founding member but an active partner in laying the foundations for cooperation among producing countries, consolidating the principle of national sovereignty over natural resources to serve sustainable development for their citizens.
He highlighted that over the decades, OPEC has contributed to supporting the local petroleum industries of member states, ensuring oil market stability, and participating in international dialogues to enhance global energy security. He noted that, through its enlightened policies, the organization continues to support the global economy and achieve a balance between the interests of both producing and consuming countries.
Minister Al-Roumi pointed out that the establishment of the OPEC Fund for International Development in 1976 represented a major step in expanding the organization’s impact, supporting ambitious social and economic development plans in numerous countries. Kuwait has invested in this cooperation to enhance national projects and development initiatives, reflecting its leadership role in promoting sustainable development within and beyond the organization.
He stressed that OPEC has played a crucial role in international negotiations, including the Conference of the Parties to the United Nations Framework Convention on Climate Change, creating a favorable environment through long-term forecasts and strategies that encourage investment in diverse energy types and modern technologies, while ensuring a balanced approach to social, economic, and environmental well-being.
He added that OPEC has faced numerous challenges and geopolitical fluctuations but has demonstrated its ability to maintain supply security and market stability while promoting investment in all energy sectors and modern technologies.
Minister Al-Roumi highlighted the formation of the OPEC Plus alliance in late 2016 as a pivotal moment, helping stabilize oil supplies during the COVID-19 pandemic. Kuwait actively supported collective coordination policies, resulting in the largest and longest voluntary production adjustments in oil market history, earning international recognition and strengthening global confidence in the organization’s policies.
