Angola commemorated the Organization of Petroleum Exporting Countries (OPEC) and renewed its commitment to market stability on the second day of the Angola Oil & Gas 2023 Conference & Exhibition, which coincided with the 63rd anniversary of the organization that was founded on September 14, 1960, in Baghdad.
OPEC plays a crucial role in stabilizing the oil market, fostering coordination and unity among petroleum producers.
Angola, an OPEC member since 2007, has benefited from OPEC’s efforts to support oil prices during times of turmoil, such as the COVID-19 pandemic and the Russia-Ukraine conflict. Additionally, OPEC provides vital political and economic support to its member nations on the global energy stage.
“Angola’s integration in [OPEC] has proved that embracing new partners produces good results. This period of collaboration between nations is at the heart of OPEC and has been contributing to the stability of the market,” stated Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum and Gas, during his opening keynote address. “Our presence in OPEC is and always will be aligned with the strategic interests of Angola in the oil & gas sector. Cooperation among member countries is essential to facing the challenges of the energy sector.”
Elaborating on the importance of market stabilization and cooperation in the sector, OPEC Secretary-General, Haitham al Ghais, underscored the growing role of African oil producers in the organization, which counts Angola, Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Libya, and Nigeria as member nations.
“Celebrating this anniversary in Luanda reflects the importance of Angola for OPEC,” affirmed al Ghais. “OPEC is a unique organization – it has stood the test of time. For more than six decades, OPEC has supported oil market stability in the interest of all – producers, consumers, and the global economy at large. Africa represents an important partner for OPEC. I appreciate everything that Angola is doing for OPEC. I am confident that the organization’s best days still lie ahead.”
