Qatar congratulates OPEC on 50th Anniversary

Vienna, 20 August 2010--The Organization of the Petroleum Exporting Countries (OPEC) has been commended for its work over the past 50 years in helping to bring stability to the oil markets, and for its ability to adapt to "new technologies and shifting market conditions [which] have transformed the oil industry."

The commendation came from the Deputy Premier and Minister of Energy and Industry of Qatar, HE Abdullah bin Hamad Al Attiyah, in a two-page letter addressed to OPEC's Secretary General, HE Abdalla Salem El-Badri.

In his , Al Attiyah congratulated OPEC's Member Countries for the role they have played, individually and collectively, in achieving success for the Organization. "[They] have developed trusting and open relationships based on mutual respect and common interests," attributes which, according to him, are key reasons for OPEC's longevity and success.

Al Attiyah, who is currently OPEC's longest serving Head of Delegation, also drew attention to OPEC's contribution to poverty alleviation and development in poorer nations through the OPEC Fund for International Development (OFID).

OFID is the direct outcome of the First Summit of OPEC Heads of State in 1975. Since it was formally established in 1976, "[OFID] has provided development assistance to around 125 countries and has played a significant role in the global fight against poverty," Al Attiyah noted.

Founded in September 1960 in Baghdad, Iraq, OPEC consists of twelve Member Countries, namely Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.