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Energy

OPEC prepares to mark its 60th anniversary in September

The Organization of the Petroleum Exporting Countries (OPEC) is preparing to celebrate its 60th anniversary on September 30 in Baghdad, a celebration that was supposed to take place a year earlier but was postponed due to the pandemic.

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The statement on the anniversary celebration was made by Angola's oil minister, Diamantino Pedro Azevedo, while inaugurating the organization's 181st ministerial conference, which he currently chairs.

"The OPEC secretariat (in Vienna) is working closely with the Baghdad organizing committee to organize a worthy celebration," the minister said.

The Baghdad meeting may be the first face-to-face meeting of OPEC ministers since the pandemic began.

OPEC was founded by Venezuela, Saudi Arabia, Iran, Iraq and Kuwait at a meeting in September 1960 in the Iraqi capital.

Besides the founding members, Libya, the United Arab Emirates, Algeria, Nigeria, Angola, Gabon, Equatorial Guinea and the Republic of Congo are also members today.

Since November 1962 it has been recognized by the UN as an intergovernmental organization. Its main objective is to coordinate member countries' oil policies to ensure price stability in international markets.

This Thursday's meeting, which aims to set the production level for the coming months, takes place by videoconference and the ministers from OPEC countries will later be joined by 10 allies led by Russia, under an alliance signed in 2016 and called OPEC+.