Equa G Offers to Join OPEC

Tuesday, January 24, 2017

Equatorial Guinea has petitioned to join the Organization of Petroleum Exporting Countries (OPEC). According to an announcement from the country’s Ministry of Mines and Hydrocarbons, it has submitted its interest to join OPEC in 2017. Minister Gabriel Mbaga Obiang travelled to Vienna on January 20 to meet with OPEC officials and present the government’s offer.

If OPEC accepts Equatorial Guinea into its fold, it will be the cartel’s 14^th member, and the sixth African producer to become a member of the group. Other African producers that are members of OPEC are Algeria, Angola, Gabon, Libya, and Nigeria.

“For decades, Equatorial Guinea has achieved a sterling track record as a dependable supplier of petroleum to consumers in all corners of the world. We firmly believe that Equatorial Guinea’s interests are fully aligned with those of OPEC in serving the best interests of the industry, Africa and the global economy,” said Lima.

Equatorial Guinea was one of the non-OPEC producers who agreed to reduce oil production in 2017. Equatorial Guinea’s share of the cut is 12,000 bpd. Even through a two-year sustained slump in oil prices, Equatorial Guinea has maintained liquid output levels at a competitive level.

“There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” the Minister said. “Equatorial Guinea is doing its part to ensure stability in the market and that the industry continues to invest in exploring and developing our resources.”

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