Thursday, May 25, 2017

Equatorial Guinea Welcomed to OPEC as Latest Member

The Republic of Equatorial Guinea was welcomed to join the Organization of the Petroleum Exporting Countries (OPEC) as the latest member.

Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Obiang, was recently welcomed to join by the President of OPEC, Khalid al-Falih of the Kingdom of Saudi Arabia. Obiang pledged to advance the interest of all African energy producers and explorers.

Equatorial Guinea is Africa’s third-largest oil producer and will be OPEC’s 14th member and sixth from the continent of Africa.

Equatorial Guinea agreed in December to the OPEC production cut by 1.8 million barrels per day for the first six months of 2017 and has maintained output at 200,000 barrels per day since making the pledge.

Equatorial Guinea first expressed interest in joining OPEC in 2009, and officially submitted its candidacy in early 2017.

The 172nd OPEC meeting is currently taking place in Vienna, Austria, and members have agreed to extend production cuts for a further nine months.