Equatorial Guinea Reaffirms Commitment To OPEC, Urges Others To Join The Cartel

Equatorial Guinea has reaffirmed its commitment and cooperation to the ideals and objectives of the Organization of the Petroleum Exporting Countries (OPEC) and has called on other oil-producing nations to join the group to fight for common interest amidst the threat posed by energy transition.

Equatorial Guinea joined OPEC in 2017 and its Minister for Mines and Hydrocarbons, H.E. Antonio Oburu Ondo, is the current President of OPEC.

Last week, Africa’s second-largest oil producer and OPEC member, Angola, announced its decision to withdraw from the cartel by January 1, 2024, claiming that the group is not serving the interest of Angola.

There have been mixed reactions following Angola’s decision to withdraw from the group.

Speaking few days after the news broke about Angola’s decision to withdraw from OPEC, the President of OPEC and Equatorial Guinean Minister for Mines and Hydrocarbons, H.E. Antonio Oburu Ondo, noted that the challenge of the energy transition requires a strong organisation such as OPEC/OPEC+ that promotes a pragmatic balance about the debate and proposal of solutions that take into account the condition of producers (and their peoples) with less advanced economies and less diversified production structures.

“This pragmatic balance, which implies international acknowledgment of all positioning and interests involved concerning the energy transition, can only be achieved through the existence of structures or organizations willing to depolarize the structure of advantages in the current energy transition scenario.

“The Republic of Equatorial Guinea not only believes in the role of OPEC/OPEC+ in this regard but will continue to be an important force for the continuity of such a role of OPEC/OPEC+.

“To attain better stages in terms of influence, development and economic certainty, the Republic of Equatorial Guinea invites eligible countries to be part of the vision of this great organization,” he said.

Continuing, H.E Ondo said, “Market certainty is an essential factor about the ability to succeed in economic planning or to keep producing or to be disciplined with regards to production projects. The only important factor in achieving all of the above is the stability of markets. This is what OPEC/OPEC+ embodies and this is the position of the Republic of Equatorial Guinea.”

He added that the commitment to the common goals of OPEC/OPEC+ and the common responsibility of OPEC/OPEC+ to create certainty in the improvement of people’s living are values that are implemented only through collective effort.

“The Republic of Equatorial Guinea is not only re-affirming its commitment to OPEC Membership and the values and objectives of OPEC+ but there is a need for economic logic to assert ourselves for the promotion of these objectives, as attested within the organization through the fulfillment of our commitments,” H.E Ondo said.

Source: https://energynewsafrica.com