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OPEC Bulletin Summary: 40 Years in Vienna

Core Content

The OPEC Bulletin is a publication by the Organization of the Petroleum Exporting Countries (OPEC), celebrating its 40th anniversary in Vienna (2005). The issue highlights OPEC's historical significance, its role in the global oil market, and its relationship with Vienna and Austria.

Main Points

• OPEC's History in Vienna: OPEC moved its headquarters to Vienna in 1965, marking a significant milestone in its history. This decision was strategic, as Vienna was already a hub for international organizations, including the IAEA, which had established its headquarters in the city the same year.

• 40 Years of Presence: Over the past four decades, OPEC has been a key player in the international oil market, contributing to market stability, fair pricing, and reliable supply for both producers and consumers. Its presence has also enhanced Vienna's status as an international center for meetings and dialogue.

• Special Exhibition: To commemorate the 40th anniversary, the City of Vienna is hosting a special exhibition titled OPEC: 40 years in Vienna from September 20 to October 14, 2005, at the Vienna City Hall. The exhibition will showcase OPEC's history, activities, and its relationship with Austria and Vienna.

• OPEC's Aims: The organization's goal is to coordinate and unify petroleum policies among member countries to ensure fair and stable prices, efficient supply, and fair returns to investors. It has 11 full member countries and has played a central role in global energy development.

• OPEC Fund for International Development: As a sister institution, the OPEC Fund has also been based in Vienna since 1976 and is celebrating its 30th anniversary in the city. It supports sustainable development and poverty alleviation in developing countries through various projects and programs.

• International Collaboration: OPEC has been a reliable partner in the global arena, working closely with other international organizations such as the United Nations, UNIS Vienna, and OMV. Its role in international cooperation and market stability is widely recognized.

• Vienna's Role as Host City: Vienna has been a welcoming and supportive host for OPEC, contributing to its growth and influence. The city's cultural and historical richness, quality of life, and international reputation have made it an ideal location for OPEC's headquarters.

• OPEC's Contribution to Sustainable Development: The organization has played a vital role in promoting sustainable development by ensuring market stability, fair pricing, and reliable supply. These factors are essential for the continuity of global economic activities.

• Future Outlook: Despite challenges, OPEC has survived and thrived, demonstrating resilience and adaptability. It continues to lead the way in ensuring the long-term stability of the global oil market and is prepared to face the challenges of the 21st century.

Key Information

• OPEC's Founding Members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• Full Members: Qatar (1961), Indonesia (1962), Libya (1962), UAE (1967), Algeria (1969), Nigeria (1971), and Ecuador (1973, left in 1992), Gabon (1975, left in 1995).
• Exhibition Details:
  • Dates: September 21–October 14, 2005.
  • Location: Central courtyard (Arkadenhof) of the Vienna City Hall.
  • Free Admission: Open to the public at no cost.
• OPEC's Mission: To coordinate and unify petroleum policies among member countries to secure fair and stable prices, efficient supply, and fair returns.
• OPEC Fund's Mission: To support sustainable development and poverty alleviation in developing countries, especially through South-South solidarity.
• OPEC's Influence: It is a major player in the global oil market, with a central role in economic stability and energy security.

Contributors and Supporters

• HE Sheikh Ahmad Fahad Al-Ahmad Al-Sabah: President of the OPEC Conference and Kuwait's Minister of Energy.
• Dr Adnan Shihab-Eldin: Acting Secretary General of OPEC.
• Dr Heinz Fischer: Federal President of Austria.
• Dr Michael Häupl: Mayor of Vienna.
• Suleiman Jaser Al-Herbish: Director-General of the OPEC Fund for International Development.
• Antonio Maria Costa: Executive Director, UNODC.
• Nasra Hassan: Director, UNIS Vienna.
• Wolfgang Ruttenstorfer: OMV Generaldirektor.
• Dkfm Peter Puspok: General President, Raiffeisenlandesbank Niederösterreich-Wien.
• Erich Hampel: CEO of Bank Austria Creditanstalt.
• Georg Weinlander: General Manager of Grand Hotel Wien.

Conclusion

This special issue of the OPEC Bulletin reflects on the 40 years of OPEC's presence in Vienna, highlighting the positive impact of the organization on the city and the global energy sector. It also looks forward to the future challenges and opportunities that OPEC and its partners will face, emphasizing the importance of stability, cooperation, and sustainable development in the global oil market.