Equatorial Guinea joined African Petroleum Producers Association (APPA) member countries on a joint action to reduce oil production and stabilize the market.
"We are reviewing our budget due to lower oil prices. We have supported these initiatives that allow us to study how to jointly stabilize prices in the future," said Minister of Mines, Industry and Energy of Equatorial Guinea, Gabriel Mbega Obiang Lima. He also recalled the importance of diversifying the economies of individual states in order to reduce dependence on oil, as the government of Equatorial Guinea is currently doing.
African countries rely on revenues from petroleum production to finance needed development, infrastructure improvements, and efforts to build robust economies and improve standards of living. APPA’s initiative seeks the support of the Organization of Petroleum Exporting Countries (OPEC) to reduce the amount of oil on the global market and consequently reach a stable world price at a higher level.
The APPA was created in 1987 in Lagos, Nigeria and is composed of eighteen countries, including Equatorial Guinea.