Equatorial Guinea joins OPEC

Equatorial Guinea was announced as the 14th member of OPEC on Thursday.

“Equatorial Guinea’s joining of OPEC is a triumph. This is a proud moment for us,” Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said. “There has never been a more important time to stand together, and it is our honour to stand with OPEC as a positive force in global energy. We will use this platform to advance the interests of all African oil and gas explorers and producers and all OPEC members.”

Earlier in May, the country secured Saudi support for its membership bid and vowed to continue curbing its crude output, having pledged to cut 12,000 bopd from its production in 2017 in collaboration with the OPEC deal in December 2017. Equatorial Guinea first announced its intention to join the organisation in January 2017, when the minister of mines and hydrocarbons met with officials in Vienna.

OPEC also decided to extend the global production cut another nine months at the meeting.