OPEC eyes 60 more years of relevance

OPEC. Photo: CNBC

Speaking as the group, yesterday, marked its 60th anniversary, its Secretary-General, Mohammad Sanusi Barkindo, noted that the cartel could sustain its role globally for the next six decades.

The association began in Baghdad with Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela as founding members.

Currently, it consists of 13 countries: Algeria, Angola, Venezuela, Gabon, Iran, Iraq, Congo, Kuwait, Libya, United Arab Emirates, Nigeria, Saudi Arabia, and Equatorial Guinea.

Barkindo, who reflected on the vision of the founding nations, admitted that the organisation had stood the test of time.

“OPEC still has the same core objectives, of order and stability in global oil markets, but its role has also broadened considerably, in terms of deeper cooperation with other producers, dialogue with a host of industry stakeholders, and an embrace of human concerns such as sustainable development, environment, and energy, as well as poverty eradication,” the Nigerian-born administrator stated.