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Equatorial Guinea will become a new member of OPEC

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Equatorial Guinea will become a new member of OPEC

Equatorial Guinea will become a new member of OPEC
March 09
07:00 2017

An important statement has been made at the CERAWeek oil and gas conference, which is currently taking place in Houston, the USA. The OPEC secretary general Mohammed Barkindo, who has been holding the position since last summer, said that the application of Equatorial Guinea to join the cartel had been officially submitted and the consideration process had started.

It should be reminded that Equatorial Guinea will become the 14th participant in the organization of oil-exporting countries. Gabon was the last that joined OPEC (in July 2016).

Equatorial Guinea can boast of one of the highest GDP in Africa. This is primarily due to the acceleration of oil production. So, according to analysts of the company BP, the volume of the average daily oil production for 2015 was 289 thousand barrels per day.

Barkindo hopes that the bureaucratic procedures regarding the adoption of a new member in OPEC will not be prolonged, and the representatives of Equatorial Guinea will be able to fully participate in the May meeting of the cartel.

 

The material was prepared with the participation of  Maxim Medvedev,
a leading analyst of the brokerage company VOSPARI.

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