OPEC reaffirmed its pivotal role in global energy markets as it celebrated its 65th anniversary, emphasizing its commitment to stability, cooperation, and meeting the world’s growing oil demand.
Secretary General Haitham Al Ghais highlighted the Organization’s enduring influence and relevance in ensuring energy security worldwide.
Speaking on the milestone, Al Ghais stressed that oil remains vital to modern life, powering transportation, industry, construction, and healthcare. He warned that without petroleum products, essential sectors would face severe disruption, underlining OPEC’s role as a cornerstone of the energy ecosystem.
Founded in 1960 and officially registered at the United Nations in 1962, OPEC has grown to 12 member countries and earned recognition as a key player in the international energy community. Its collaboration with non-OPEC producers through the OPEC-plus framework has strengthened its global impact, particularly in mitigating the economic effects of the COVID-19 pandemic.
Looking ahead, OPEC projects that oil demand will rise to approximately 123 million barrels per day by 2050, driven by population growth and expanding economies. Al Ghais emphasized the importance of balancing energy growth with sustainability, social welfare, and economic development, advocating an inclusive approach that integrates all energy sources and technologies.
“Market stabilization and prudent approaches remain central to our mission,”
he said, noting that predictions of declining oil relevance or imminent peak oil should be treated cautiously. Al Ghais concluded by reaffirming OPEC’s enduring presence, pledging that the organization will continue to play a stabilizing role for decades to come.
News Source: Emirates News Agency
