Equatorial Guinea says it expects decision soon on OPEC membership bid
Africa’s number three oil producer, Equatorial Guinea, has held “fruitful” discussions and expects a decision soon on an offer to join the Organisation of the Petroleum Exporting Countries (OPEC). “We’ve held fruitful discussions. This is going to move faster than we expect,” the country’s energy minister Gabriel Mbaga Obiang told Reuters on Wednesday. On Monday, […]
Africa’s number three oil producer, Equatorial Guinea, has held “fruitful” discussions and expects a decision soon on an offer to join the Organisation of the Petroleum Exporting Countries (OPEC).
“We’ve held fruitful discussions. This is going to move faster than we expect,” the country’s energy minister Gabriel Mbaga Obiang told Reuters on Wednesday.
On Monday, Equatorial Guinea’s Ministry of Mines and Hydrocarbons said the country
had applied to join the oil producers’ cartel.
It sought to become OPEC’s 14th member and the sixth from Africa, an addition that would help raise the continent’s influence and profile in the corridors of global oil production and pricing.
The offer to join was made when Obiang travelled to Vienna last Friday to meet OPEC officials, including representatives from OPEC heavyweight Saudi Arabia and Nigeria’s Mohammad Barkindo, its Secretary General.
He also met officials from key non-OPEC producer, Russia.
Obiang said the nation, which agreed to production cuts in 2017 as part of a coordinated agreement with OPEC and non-OPEC countries, wanted a stable global oil price.
It was willing to discuss further cooperation with OPEC to achieve this.
“We are eager to see a stabilisation of the petroleum market, and we were happy to cooperate with the current production cuts to do our part in reducing the global oversupply.
“We would be open to discussing future endeavours of cooperation,” said Obiang, responding to emailed questions.
Oil prices edged higher on Tuesday ahead of weekly US inventory data on evidence the global market was tightening as lower production by OPEC and other exporters drain stocks.
(Reuters/NAN)