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Wednesday 20 September 2017
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Equatorial Guinea renews commitment to oil price cuts

Newest OPEC member votes in favour of group’s position

teodoro mbiang ngueso mbasogo, equatorial guinea

By Nsikan Ikpe

 

The Central African state of Equatorial Guinea has reconfirmed its voluntary commitment to reduce oil production through  implementing a policy of 12,000 barrels cuts in its oil output per day.

Disclosing this in the course of a state visit to Saudi Arabia, President Teodor0 Obiang Nguema Mbasogo, affirmed that the Government of Equatorial Guinea joins Saudi Arabia in supporting an extension of the Agreement of December 10, 2016 for 6 months or longer as needed to balance oil markets.

The Head of the Government of Equatorial Guinea also announced its appreciation to the Kingdom of Saudi for supporting its accession to the Organization of Petroleum Exporting Countries (OPEC).

It will be recalled that in January, Equatorial Guinea had submitted its interest to join OPEC, following the land mark Declaration of Cooperation Agreement signed in December 2016, where it had pledged to join OPEC and 10 other non-OPEC countries to reduce a total of about 1.8 million barrels per day of total oil production in the first 6 months of 2017.

During the visit, Mbasogo met with H.E. Abdurrahman Abdul Mohsen Al-Fadli, Saudi Minister of Environment, Water and Agriculture, who was representing H.E. Khalid Al-Falih, Saudi Minister of Energy, Industry and Mineral Resources, to reaffirm solidarity on the oil production cuts and discuss further cooperation in related sectors. Technicians from both petroleum ministries will be in constant contact to follow up on this agreement.

“We stand shoulder to shoulder with the Kingdom of Saudi Arabia in bringing stability to global oil markets,” said H.E. President Obiang Nguema Mbasogo. “Equatorial Guinea reaffirms its commitment to these production cuts and is grateful to the Kingdom of Saudi Arabia for its support to join OPEC.”

 

President Teodoro Obiang Ngueso Mbasogo

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