Kuwait commemorates six and a half decades of supportive partnership within OPEC groupings
In 1960, at a historic meeting in Baghdad, the Organization of the Petroleum Exporting Countries (OPEC) was established. The founding members included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Since then, OPEC has played a crucial role in shaping the global energy sector.
Kuwait, one of the original members, has been an active and influential participant in OPEC. Tareq Sulaiman Al-Roum, the Minister of Oil in Kuwait, highlighted the country's significant contributions to the organization.
From the outset, Kuwait was not just a founding member but an active partner in laying the foundations for cooperation among producing countries. Over the decades, 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.
Minister Al-Roumi emphasized that the OPEC Fund for International Development, established in 1976, expanded the organization's impact by supporting social and economic development plans in numerous countries. This funding has been instrumental in promoting stability and economic growth in many regions.
Kuwait's role in OPEC has extended beyond financial support. The country has actively supported collective coordination policies within the OPEC Plus alliance, resulting in the largest and longest voluntary production adjustments in oil market history. This collaboration helped stabilize oil supplies during challenging times, such as the COVID-19 pandemic.
Moreover, OPEC has demonstrated its ability to maintain supply security and market stability while promoting investment in all energy sectors and modern technologies. This is evident in OPEC's participation in international dialogues, including the Conference of the Parties to the United Nations Framework Convention on Climate Change. Through long-term forecasts and strategies, OPEC encourages investment in diverse energy types and modern technologies.
OPEC's establishment marked a significant milestone in the global energy sector, allowing producing countries to assert sovereignty over their natural resources. This sovereignty has been crucial in ensuring oil market stability and supporting the local petroleum industries of member states.
In conclusion, OPEC, under the leadership of countries like Kuwait, continues to play a vital role in global energy security. Through enlightened policies, OPEC supports the global economy and achieves a balance between the interests of both producing and consuming countries. This balance is essential for maintaining a stable and secure global energy market.
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