Petroleum Africa
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Sunday, May 14, 2017
Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo and Saudi Arabia’s Minister of Environment, Water, and Agriculture Abdurrahman Abdul Mohsen Al Fadli, who was representing Saudi Minister of Energy Khalid Al Falih, met recently to discuss bilateral cooperation.
In a statement, the government of Equatorial Guinea announced its appreciation to the Kingdom of Saudi for supporting its application to join OPEC. In January Equatorial Guinea submitted its interest to join OPEC, following the landmark Declaration of Cooperation Agreement signed on December 2016, joining (bpd) OPEC and 10 other non-OPEC countries to reduce a total of about 1.8 million barrels per day of total oil production in the first six months of 2017.
Equatorial Guinea has reconfirmed its voluntary agreement to reduce oil production by 12,000 bpd and said it supports the extension of the agreement for however long it is needed to balance oil markets. Technicians from both petroleum ministries will be in constant contact to follow up on this agreement.
“We stand shoulder to shoulder with the Kingdom of Saudi Arabia in bringing stability to global oil markets,” said President Obiang Nguema Mbasogo. “Equatorial Guinea reaffirms its commitment to these production cuts and is grateful to the Kingdom of Saudi Arabia for its support to join OPEC.”
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