Members of the Organization of the Petroleum Exporting Countries need to wean themselves from oil revenues in the long run, OPEC chief Abdalla el-Badri said on Monday ahead of the group’s 50th anniversary.
“Oil is a finite product,” the secretary general told the German Press Agency dpa at OPEC’s headquarters in Vienna.
“I think we need after 50 years to find another source of income,” be it from industry, tourism or alternative energies, he said.
The organization was set up on September 14, 1960 in Baghdad, by its founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Mr. El-Badri said that currently, the 12-country group was not reacting to high stock levels of oil, in order not to hamper the global economic recovery.
“We are not moving. We don’t want to rock the boat,” the former Libyan oil and energy minister said.
In the past, OPEC has raised or throttled its crude oil output in an effort to raise or lower prices.