Angola Honors OPEC’s 63rd Anniversary with Renewed Dedication to Market Stability

by Ikeoluwa Juliana Ogungbangbe

On the occasion of the 63rd anniversary of the Organization of Petroleum Exporting Countries (OPEC), established with foresight in Baghdad on September 14, 1960, Angola took the opportunity to emphasize its unwavering commitment to ensuring stability in the global oil market. This declaration came during the high-profile Angola Oil & Gas 2023 Conference & Exhibition.

OPEC, consistently recognized as a foundational force in maintaining equilibrium in the oil market, prioritizes and champions the spirit of cooperation and mutual respect among its member countries. These values have played an essential role in helping member states navigate turbulent times.

Since its induction into OPEC in 2007, Angola has experienced firsthand the many advantages of this association, particularly during global crises such as the unprecedented COVID-19 pandemic and geopolitical tensions like the Russia-Ukraine conflict. 

However, OPEC’s role isn’t limited to just stabilizing oil prices; it also extends to providing indispensable political guidance and economic support, ensuring member nations hold significant sway on the global energy stage.

In his keynote address, Diamantino Azevedo, Angola’s esteemed Minister of Mineral Resources, Petroleum, and Gas, eloquently shared, “Our decision to join OPEC underscores the potential and efficacy of building new alliances and partnerships in the international arena. 

This spirit of collective effort is at the very essence of what OPEC represents and has been a linchpin in ensuring market stability throughout the years. Our involvement in OPEC is not merely transactional; it resonates deeply with Angola’s strategic objectives in the expansive oil & gas sector.

 The importance of unity and mutual support among member countries cannot be overstated, especially as we face multifaceted challenges in the ever-evolving energy landscape.”

Elaborating further on the organization’s makeup and future trajectory, OPEC Secretary General, Haitham al Ghais, spotlighted the growing prominence of African oil-producing nations within OPEC. He acknowledged the contributions of nations such as Angola, Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Libya, and Nigeria.

In a nod to the host nation, al Ghais remarked, “Celebrating this momentous anniversary right here in Luanda underscores Angola’s pivotal role and influence within OPEC. The organization’s remarkable journey over the past six decades speaks volumes about its resilience and unique ability to adapt.

 Throughout its history, OPEC has remained unwavering in its mission to promote market stability, which in turn positively impacts producers, consumers, and the global economic ecosystem. Africa, with its rich resources and potential, has become an integral part of OPEC’s journey, and Angola’s consistent and impactful contributions stand out. As we look to the horizon, I firmly believe that OPEC’s most promising days are yet to come.”

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