Equatorial Guinea agree to cut production and present offer to join OPEC

LocationEquatorialGuineaEquatorial Guinea has presented an offer to join OPEC. (Image source: Rei-artur/Commons)Equatorial Guinea's Minister of Mines and Hydrocarbons, HE Gabriel Mbaga Obiang, met OPEC officials in Vienna on 20 January 2017 to present the Government of Equatorial Guinea's offer to become to the 14th member of the organisation 

The Ministry of Mines and Hydrocarbons of Equatorial Guinea has announced that it has submitted its interest to join the Organisation of Petroleum Exporting Countries, commonly know as OPEC, in Vienna on 20 January 2017. HE Gabriel Mbaga Obiang met OPEC and other governmental officials to become the 14th member of OPEC. 

The trip follows the Fourth Africa-Arab Summit, which was held in November, and hosted several OPEC members in Malabo, under the patronage of HE President Obiang Nguema Mbasogo. 

“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 HE the Minister. 

In December, Equatorial Guinea agreed to join 10 other non-OPEC countries to reduce its output of oil by 558,000 bpd in 2017. Equatorial Guinea cut 12,000 bpd as its share of the overall total. 

Equatorial Guinea is the third largest oil and gas producer in sub-Saharan Africa. Its US$10.6bn of annual oil and gas exports account for 95 per cent of the country’s total exports. 

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