The leadership of the cartel has approved the request submitted by Equatorial Guinea. Oil exports provide over 90% of its export revenues
A new member of the Organization of countries-exporters of oil (OPEC) became Equatorial Guinea, reports Reuters, citing close to the Ministry of energy source.
About the readiness of the OPEC to accept the membership of Equatorial Guinea told reporters on the sidelines of the Vienna summit of the cartel, oil Minister of Saudi Arabia Khalid al-falih.
Application for membership in OPEC Equatorial Guinea filed in January 2017. Commenting on the decision, the head of the Ministry of mines, industry and energy Gabriel Obiang Mbaga then said that the interests of Equatorial Guinea coincide with the interests of OPEC “in the best interests of the oil industry, Africa and the global economy.”
Equatorial Guinea is the third largest oil producer in sub-Saharan Africa (after OPEC Nigeria and Angola). In 2015, the total reserves in the country was estimated at 1.1 billion barrels, average daily production for the year amounted to 289 thousand barrels. oil, slightly more than in Gabon, who returned to the OPEC in 2016.
In 2015, the total cost sent to Equatorial Guinea for the export of goods amounted to $5,92 billion, of which $4.1 billion (69%) were revenues from exports of crude oil and $1.39 billion (23%) — from the export of petroleum gas.
At the end of 2016 the authorities of Equatorial Guinea supported concluded OPEC nevadasee in a cartel agreement on the reduction of oil production. In the first half of 2017 Equatorial Guinea should reduce daily oil production to 12 thousand barrels.
Currently, OPEC includes 13 countries — Algeria, Angola, Venezuela, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Qatar, United Arab Emirates, Saudi Arabia and Ecuador. In November 2016, its membership in the cartel was suspended Indonesia.