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OPEC Turns 50 in Tehran

Service : Economy
TEHRAN, April 22 (ICANA) – Tehran has hosted a ceremony commemorating the 50th anniversary of the establishment of the Organization of Petroleum Exporting Countries (OPEC).
Friday, April 22, 2011 1:03:50 PM
OPEC Turns 50 in Tehran

The ceremony was held on Tuesday, concurrent with the last day of the 16th International Oil, Gas, Refining, and Petrochemical Exhibition, which was also held in the Iranian capital, a Press TV correspondent reported.

Iranian Oil Minister Masoud Mirkazemi, who holds the rotating presidency of the organization, said at the ceremony that OPEC can restabilize world markets by adopting proper methods of supply and demand, adding that OPEC can play a crucial role in creating balance and security in supply and demand, which is crucial for producers and consumers.

Mirkazemi highlighted the importance of OPEC's role in managing the global demand for energy and urged all member states to abide by the decisions of the organization.

He went on to say that the oil market should not be politicized since such a situation and international sanctions would only decrease global energy security.

Many senior Iranian and foreign officials, including OPEC Secretary General Abdullah Salem el-Badri, attended the ceremony in Tehran.

Addressing the ceremony, el-Badri hailed Iran's role in the organization, saying that the Islamic Republic has made remarkable efforts to institutionalize OPEC and has played a major role in the organization's achievements.

“Despite the tumult in the region and fluctuations in the oil market, OPEC has been successful” in overcoming the challenges, he noted.

The OPEC secretary general also said that the price of crude will most likely continue to rise due to the recent developments in a number of oil-producing countries in the Middle East and North Africa.

OPEC, created at the Baghdad Conference in 1960, accounts for 40 percent of global oil output, and its 12 member countries hold 80 percent of the world's proven oil reserves.

The organization's current members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

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