Iraq announces the signing of a memorandum declaring the establishment of OPEC in Baghdad for the year 2023

Iraq announces the signing of a memorandum declaring the establishment of OPEC in Baghdad for the year 2023

The Iraqi Ministry of Oil announced the signing of a memorandum declaring the establishment of OPEC in Baghdad for the year 2023, during the celebration of the anniversary of the founding of the Organization of Petroleum Exporting Countries, in the presence of a large group of ministers and representatives of member states, today, Friday, June 16 (2023).

In light of this, the Deputy Prime Minister for Energy Affairs and Minister of Oil in Iraq, Hayan Abdul Ghani, said that the signing of the memorandum came to confirm the principles signed by the member states 63 years ago, according to a statement published by the official page of the Iraqi Ministry of Oil on Facebook, and viewed by the specialized energy platform. .

He explained that the memorandum declaring the founding of OPEC came to renew international solidarity, with the aim of preserving natural wealth.

This came during a celebration organized by the Iraqi Ministry of Oil with the Organization of Petroleum Exporting Countries “OPEC” on the occasion of the 63rd anniversary of its founding, under the auspices of Prime Minister Muhammad Shia’ al-Sudani.

The celebration was also held in the same hall, the People’s Hall, which witnessed the first announcement of the founding of OPEC, in the presence of the Iraqi Oil Minister, Hayan Abdul-Ghani, the Secretary-General of the Organization, Haitham Al-Ghais, and the ministers of the member states of the organization.

In turn, the representatives and ministers of the organization, the Saudi Energy Minister Prince Abdulaziz bin Salman, the Kuwaiti Energy Minister Manaf Abdulaziz Al-Hajri, the representative of the Republic of Venezuela Angel Kozales, and the representative of the Islamic Republic of Iran Amir Hussein Zamania, expressed their thanks for their participation in the celebration of the founding anniversary in Baghdad inside the same hall that came out From the mercy of OPEC, in addition to their participation in signing the Memorandum declaring the establishment of OPEC.

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The ministers of the organization stressed the role of OPEC in regulating oil production and export globally, in addition to achieving balance in global markets.

Part of the activities celebrating the founding of OPEC – Photo from the official Facebook page of the Iraqi Ministry of Oil

The emergence of OPEC

During his speech, Iraqi Prime Minister Muhammad Shia al-Sudani highlighted Iraq’s hosting of the OPEC founding meeting 63 years ago, and receiving representatives of member states, today, Friday, June 16 (2023), to recall the history of the organization’s founding.

He referred to the status that OPEC has reached, as it has become one of the most important global organizations, explaining that oil is still a major source of energy in the world, and the importance that this represents in politics, economy and development, in addition to its importance to countries that depend on it for production and consumption.

Al-Sudani said: “When OPEC came into existence, the oil capabilities of countries were managed by monopolistic companies, which made countries lose their sovereignty and influence in the oil market. and investments that lead to growth.

He stressed that the organization’s responsibility is not limited to export, but rather its role includes regulating the global oil market and controlling prices, in order to achieve a fair price for producers and importers alike.

While the Secretary-General of the Organization, Haitham Al-Ghais, praised the organization of the ceremony, and the choice of the same hall that hosted the first meeting, the “Baghdad Conference”, which resulted in the decision to establish OPEC to provide the world with oil and energy sources in order to serve the global economy.

He said that it was natural for the organization to be unique and distinguished and to become an influential and vital member in the world, as it was launched with the participation of only 5 members, to include 13 oil-producing and exporting countries – currently -.

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Part of the activities celebrating the founding of OPEC
Part of the activities celebrating the founding of OPEC – Photo from the official Facebook page of the Iraqi Ministry of Oil

Memorandum declaring the establishment of OPEC in Baghdad

In this regard, Iraqi Oil Minister Hayan Abdul-Ghani expressed his happiness at signing the memorandum declaring the establishment of OPEC in Baghdad for the year 2023 in the same hall that witnessed the first announcement of the establishment.

He said: “We are witnessing the signing of the commemoration of our celebration on the occasion of the 63rd anniversary of the emergence of OPEC here in this place.”

He continued: “We are working for oil to be a source of inspiration for the development and support of the national economy, and we had promising steps in this direction, and we proceeded according to a future road map with the support of the Council of Ministers and the Parliament, in addition to fruitful cooperation from all ministries, with the aim of advancing the Iraqi economy for the better.” .

The Iraqi Oil Minister indicated that joint cooperation with countries in OPEC and OPEC + serves the common interests of member states.

He said, “Just as we defeated the pandemic, we will add a new feat every day, accompanied by the national effort and effective contributions to the development of infrastructure to serve the Iraqi citizen, by building roads, developing bridges, and constructing schools and hospitals.”

He explained that the work is carried out according to modern government visions that are characterized by respect for national sovereignty, and are keen to deal and cooperate with neighboring countries in a spirit of brotherhood, and to deepen relations with various countries of the world according to in-depth theoretical studies and successful practical applications.

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Abdul-Ghani stressed the continuation of benefiting from oil in a way that makes it an economic pillar, adding that the establishment and continuation of OPEC indicates the correctness of the path taken by the founding fathers in their keenness on national wealth, and the concerted efforts of all parties to uphold the position of the organization, and confirm the correctness of its steps.

At the same time, Iraqi Oil Minister Hayan Abdul Ghani pointed out the importance of modern technology in the oil industry.

He stressed the conclusion of agreements to protect the climate through the development of clean energy sources, to stand on a solid ground, according to the covenants that were codified with the founding countries, including Saudi Arabia, the Islamic Republic of Iran, Venezuela, Kuwait, and other countries.

Part of the activities celebrating the founding of OPEC
Part of the activities celebrating the founding of OPEC – Photo from the official Facebook page of the Iraqi Ministry of Oil




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