• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 19 mins U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 hour Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 8 hours Judge Approves SEC Settlement With Tesla, Musk
  • 32 mins WTI @ $75.75, headed for $64 - 67
  • 3 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 3 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 5 hours Iranian Sanctions - What Are The Facts?
  • 8 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 3 hours China Thirsty for Canadian Crude
  • 6 hours EU to Splash Billions on Battery Factories
  • 9 hours Saudi Crown Prince to Trump: We've Replaced All Iran's Lost Oil
  • 9 hours Mexico State Oil
  • 8 hours Gold price on a rise...

South Sudan Hopes Higher Oil Prices Will Restore Ravaged Economy

South Sudan

Rising oil prices are vital for South Sudan to revitalize its battered economy, as oil revenues are almost all of the country’s hard currency export income, according to South Sudan Oil Minister Ezekiel Lol Gatkuoth.

“The oil market is appreciating now very well the oil price is going up its 65 dollars a barrel and yet in South Sudan it’s something we need to cerebrate because our economy is driven by oil. We are going very well in the oil industry,” the minister was quoted as saying on Monday after he returned from the OPEC and allies’ meeting in Vienna last week.

South Sudan is part of the non-OPEC group of producers currently in a joint agreement with OPEC to cut collective crude oil production through the end of 2018 in an effort to draw down global oil inventories to their five-year average and ‘stabilize’ oil prices.

South Sudan is studying the benefits of joining OPEC because it looks to double its oil production in 12 months from the current 135,000 bpd, Minister Gatkuoth told Reuters last week.

Then this week, Gatkuoth said:

“If you look at the production in Dar Petroleum or DPOC in Paloch, we used to produce 270,000 bpd but now we are producing 135-140,000 bpd. Then if you go to GPOC we used to produce close to 200,000 barrels a day but now we are producing zero. So we have agreed with Sudan to resume the production there.”

Earlier this year, Sudan and South Sudan agreed to open direct trade along the border and increase production in the oil fields in South Sudan that are currently not functioning, in a deal that will serve as an economic lifeline to both countries.

According to Gatkuoth, Total and Tullow Oil are looking to invest in blocks in South Sudan.

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