The Organisation of Petroleum Exporting Countries (OPEC) will continue to seek a means to stabilise the price of oil on a global scale, Secretary General Abdullah Al-Badri said in a statement ahead of the 50th anniversary of the oil producers' cartel.
OPEC, which was established in 1960 in Baghdad, controls around 40 per cent of the world's oil production and around 80 per cent of global oil reserves.
Saudi Arabia, Kuwait, Iraq, Iran, and Venezuela were its founding members. The group has since been expanded to include Nigeria, Qatar, Libya, Algeria, Angola, Ecuador and the UAE.
Al-Badri said that despite the challenges, the 12-member states of OPEC are working on measures to keep prices at a reasonable rate between $70-80 per barrel.