TEHRAN - Iranian Oil Minister Mohsen Paknejad was elected on Tuesday as the rotating president of the Organization of the Petroleum Exporting Countries (OPEC) for 2025, Iran's official news agency IRNA reported.

In a press release on its website, OPEC confirmed the election of its president for the upcoming year and thanked Marcel Abeke, Gabon's minister of petroleum, for his leadership as the organization's rotating president in 2024.

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According to IRNA, the newly elected OPEC president, Paknejad, emphasized his commitment to using all his capacities to uphold the organization's consistency, solidarity, and progress.

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The OPEC conference has renewed the term of office for Haitham Al Ghais as secretary general for an additional three years, effective Aug 1, 2025, according to the OPEC press release.

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Iran is set to assume the presidency of the organization on Jan 1, 2025. The OPEC presidency rotates annually among OPEC member countries.

The OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries.