Equatorial Guinea apply to become 14th OPEC member

Equatorial Guinea apply to become 14th OPEC member

Equatorial Guinea has applied to join OPEC, following a visit by Mines and Hydrocarbons Minister Gabriel Mbaga Obiang to the compliance monitor meeting in Vienna.

Obiang said: “We firmly believe that Equatorial Guinea’s interests are fully aligned with those of OPEC in serving the best interests of the industry.”

The meeting was a joint OPEC and non-OPEC committee, discussing the implementation of last year’s landmark agreement to cut production by leading oil producing nations.

Equatorial Guinea is one of Africa’s largest oil producers and would become the sixth member of OPEC from Africa, and the 14th overall member.

According to current data, Guinea’s production stands at 240,000 barrels per day, however the west African nation were part of the joint agreement to reduce oil production, pledging to cut output by 12,000 barrels per day.

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

@RGNonline