OPEC revealed it has consulted new countries to join the organization as part of its long-term plans to expand and strengthen the bloc.
Haitham Al Ghais, the Secretary-General of OPEC, revealed the bloc’s aspirations to increase its number of member states by consulting Azerbaijan, Malaysia, Brunei, and Mexico to join the organization.
Al Ghais made the announcement on the sidelines of the 8th OPEC International Seminar held in Vienna.
The Secretary-General however made it clear that OPEC does not have a targeted number of countries that could join the bloc but rather it is inviting nations that have the same strategic objectives of preserving and stabilizing oil markets.
The four countries recently consulted have been in solidarity with the organization since 2017.
From five members in September 1960, the bloc has expanded to 15 member states as of date.
OPEC member countries produce about 40 percent of the world’s crude oil while its oil exports represent about 60 percent of the total petroleum traded internationally.
