Iranian Oil Minister Mohsen Paknejad has been appointed as the President of the Organization of the Petroleum Exporting Countries (OPEC) for 2025, following a decision made during OPEC’s 189th meeting held virtually.
Paknejad expressed gratitude to member states for entrusting him with this significant role, emphasizing Iran's commitment to fostering unity and cooperation among OPEC nations.
He highlighted the importance of strengthening the organization’s role in stabilizing global oil markets while balancing the interests of producers and consumers.
During the meeting, Iraq's oil minister was also appointed as Vice President of OPEC, underscoring the collaborative relationship between the two major oil-producing countries.
Paknejad noted that these appointments symbolize the vital roles both nations play within the organization.
As OPEC faces evolving global economic and geopolitical challenges, Paknejad pledged to build on the organization's past successes by introducing strategies to maintain market stability and enhance OPEC’s influence on the global stage.
OPEC, a coalition of the world’s leading oil exporters, plays a pivotal role in setting production policies and influencing global oil prices.
The organization has consistently adapted to address market fluctuations and shifts in energy demand.
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