Guinea Awaits Decision on OPEC Membership Bid
Thursday, 26th January 2017
The Ministry of Mines and Hydrocarbons of Equatorial Guinea has announced that it has submitted its interest to join the Organization of Petroleum Exporting Countries (OPEC) in 2017, World Oil reported.
If Equatorial Guinea was to join OPEC, it would become the cartel’s 14th member and the sixth from Africa, further raising the continent’s influence and profile in the corridors of global oil production and pricing, Reuters informed.
In December 2016, Equatorial Guinea agreed to join 10 other non-OPEC countries to reduce 558,000b/d of total oil production in 2017. The country’s share of the cut is 12,000b/d. Even through a two-year sustained slump in oil prices, Equatorial Guinea has maintained liquid output levels at a competitive level.
Equatorial Guinea is the third largest oil and gas producer in sub-Saharan Africa. Its $10.6b of annual oil and gas exports account for 95% of the country’s total exports, with shipments sold every day to China, India, Japan, Korea and many other countries.