OPEC celebrates 63 years of founding

Published at: 14/09/2024 09:03 AM

The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental body that was created on September 14, 1960 in Baghdad, capital of Iraq. Its creation was designed to coordinate the oil production policies of member countries, in order to stabilize the international hydrocarbon market, lead oil-producing nations to obtain a reasonable return on investment and ensure the continuous and stable supply of crude oil for consumers.

Venezuela was a fundamental protagonist for the creation of OPEC, since it was an initiative of the then Venezuelan Minister of Mines and Hydrocarbons, Juan Pablo Pérez Alfonzo, an exceptional oil strategist, who understood the meaning of black gold for the world and the need to reach agreements between exporting countries to achieve the true value of this strategic product.

Pérez Alfonso was the one who managed to convene Iran, Iraq, Kuwait and Saudi Arabia, the four Arab countries with the largest oil export capacity in the world, to promote the international conference that created OPEC, with the objective of realizing the unification of oil policies. Years later, Qatar, Libya, Indonesia, the United Arab Emirates and Algeria joined the organization.

After ratification by the signatory governments, OPEC registered with the United Nations (UN) on November 6, 1962 and was officially recognized as an international organization by the United Nations Economic and Social Council on June 30, 1965.

Mazo News Team