• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 30 mins americavchina.com
  • 3 hours Tories on course to win majority
  • 18 hours DUMB IT DOWN-IMPEACHMENT
  • 19 hours POTUS Trump signs the HK Bill
  • 2 hours Greta named Time Magazine "Person of the Year"
  • 17 hours Winter Storms Hitting Continental US
  • 1 day WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 11 hours Aramco Raises $25.6B in World's Biggest IPO
  • 18 hours China Burns More Coal than the Rest of the World !
  • 24 hours Everything you think you know about economics is WRONG!
  • 17 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
Could Low Energy Growth Lead To A Recession?

Could Low Energy Growth Lead To A Recession?

The relationship between the energy…

Is This The Most Important Oil Price Driver In 2020?

Is This The Most Important Oil Price Driver In 2020?

If India’s economic growth picks…

Malaysia, Congo, Chad Want To Join OPEC

Sudan oil production

Chad, Congo, and Malaysia are all lining up to join OPEC, Gabriel Mbaga Obiang Lima, the energy minister of the cartel’s newest member Equatorial Guinea, told Russian outlet Sputnik on the sidelines of the CERAWeek conference in Houston on Wednesday.

In Africa, countries like Chad and Congo are interested in joining OPEC, even though they are not oil exporters at present, Obiang said, noting that new members could make the international community “see OPEC with a new face.”

“The Asian countries — some of them are Indonesia, who initially left OPEC to be observers and now they want to return back and then you have other ones like Malaysia. The countries have already sent a letter, we are evaluating,” Sputnik quoted Equatorial Guinea’s minister as saying.

Indonesia suspected its OPEC membership in December 2016, less than a year after it had rejoined the organization, because it could not agree on the production cuts the cartel and its non-OPEC partners were discussing.

In December last year, Indonesia’s deputy energy minister Arcandra Tahar said that his country would keep its OPEC membership frozen.

Referring to Venezuela’s proposal to extend the market monitoring function of the OPEC/non-OPEC agreement for another five years, Obiang told Sputnik that such a proposal would allow the oil producing countries to better plan ahead and reduce volatility and risk.

“It’s an idea, a study, that has been well-taken by OPEC, it’s not something that we all have agreed on, but in general it has a very acceptable reaction,” Sputnik quoted Obiang as saying.

Equatorial Guinea became a member of OPEC in May 2017, and apart from being the newest member, it’s also the smallest producing nation that is part of the cartel. In January 2018, Equatorial Guinea pumped 134,000 bpd of crude oil, the smallest amount among OPEC’s 14 members, according to OPEC’s secondary sources. Equatorial Guinea is also looking to lift its oil production in the medium term to stem the decline in some oil fields, Obiang said in an interview in October last year.

By Tsvetana Paraskova 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
Download on the App Store Get it on Google Play