ECONOMY


Equatorial Guinea applies to join OPEC in 2017

Baku, January 24, AZERTAC

One of Africa's biggest oil producing countries, Equatorial Guinea, has submitted its interest to join the Organization of Petroleum Exporting Countries (OPEC) in 2017 and agreed to comply with the cartel's production cuts, according to the country's ministry of mines and hydrocarbons.

Minister Gabriel Mbaga Obiang in his meeting with OPEC officials in Vienna on Jan. 20 presented Equatorial Guinea's offer to become the 14th member of the cartel with 32.5 million barrels per day of output projected this year.

“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,” Obiang was quoted as saying in the statement.

On Dec. 10, 2016, Equatorial Guinea agreed to join 10 other non-OPEC countries to reduce 558,000 barrels per day of total oil production in 2017. The country's share of the cut is 12,000 barrels per day. Even through a two-year sustained slump in oil prices, Equatorial Guinea has maintained liquid output levels at a competitive level.

“Equatorial Guinea is doing its part to ensure stability in the market and the industry continues to invest in exploring and developing our resources,” Obiang said.

Equatorial Guinea is the third largest oil and gas producer in sub-Saharan Africa. Its $10.6 billion of annual oil and gas exports account for 95 percent of the country's total exports, with shipments sold every day to China, India, Japan and Korea among many other countries.

 

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