• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 3 hours Waste-to-Energy Chugging Along
  • 7 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 5 hours Venezuela continues to sink in misery
  • 3 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 3 hours No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 5 hours Regular Gas dropped to $2.21 per gallon today
  • 3 hours Zohr Giant Gas Field Increases Production Six-Fold
  • 15 hours What will the future hold for nations dependent on high oil prices.
  • 15 hours Air-to-Fuels Energy and Cost Calculation
  • 13 hours $867 billion farm bill passed
  • 23 hours Has Global Peak Diesel Arrived?
  • 4 hours Global Economy-Bad Days Are coming
  • 11 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
Nuclear Power Becomes Critical To Arctic Dominance

Nuclear Power Becomes Critical To Arctic Dominance

Small Modular Reactors could become…

The U.S. Oil Industry’s Dirty Little Secret

The U.S. Oil Industry’s Dirty Little Secret

The U.S. oil industry has…

Damir Kaletovic

Damir Kaletovic

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Divergente Research.

More Info

Equatorial Guinea May Become Next New OPEC Member

Equitorial guinea offshore

Equatorial Guinea has applied to join OPEC as its 14th member during a visit by Mines and Hydrocarbons Minister Gabriel Mbaga Obiang to the compliance monitor meeting in Vienna this weekend.

Obiang didn’t give any further details about the West African nation’s bid for OPEC membership.

As Africa’s third-largest oil producer and one of the non-OPEC-member producers that has agreed to cut output in the first half of 2017, Equatorial Guinea would become the sixth member of OPEC from Africa. The country’s membership in OPEC would help to boost the continent's influence on the global oil and gas scene.

"We firmly believe that Equatorial Guinea's interests are fully aligned with those of OPEC in serving the best interests of the industry," stated Obiang.

According to data cited by news agencies, Equatorial Guinea’s production stands at 240,000 barrels per day, which it has pledged to reduce by 12,000 barrels per day under the OPEC and non-OPEC output cut agreement.

As a sign of a strong recovery in U.S. oil drilling activity, oil prices fell one percent on Monday, despite news that OPEC and non-OPEC producers would indeed meet their output reduction targets.

At the Vienna meeting on Sunday, ministers representing members of OPEC and non-OPEC producers said that of the almost 1.8 million barrels per day they had agreed to take out of the market, 1.5 million barrels per day were already offline.

"There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel. 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," Obiang said.

By Damir Kaletovic for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News