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Congo joins OPEC

The Ministry of Hydrocarbons for the Republic of the Congo has announced that the country has become the fifteenth member of the Organization for Petroleum Exporting Countries (OPEC).

The country’s membership was concluded during the 174th Ordinary Meeting of OPEC.

Membership in OPEC now gives the Republic of the Congo a voice in a powerful organization committed to balancing the global economy and maintaining a secure and dependable supply of petroleum to consumers.

OPEC is responsible for about 40 percent of the world’s oil production and more than 80 percent of established oil reserves.

“The Republic of the Congo is thrilled and honored to be joining OPEC and to do our part to preserve an equilibrium in global oil markets and ensuring a sufficient flow of investments into hydrocarbons,” said H.E. Jean-Marc Thystère-Tchicaya, the Minister of Hydrocarbons. “Severe oil market downturns like the one the world experienced recently remind us of the essential role that institutions like OPEC in ensuring stability. We are proud to cooperate with the world’s oil leaders.”

In 2017, the Republic of the Congo was amongst 11 non-member countries that joined OPEC in historic production cuts of 1.8 million barrels of oil per day.

The so-called Declaration of Cooperation was widely regarded as successful in restoring the vitality of global oil markets and Brent oil prices reaching their highest level this year since 2014.

The Ministry of Hydrocarbons wishes to thank H.E. Mohammed Sanusi Barkindo, the Secretary of General of OPEC, and all the members of OPEC for accepting the country’s membership.

Eric Oteng||AfricaNews

 

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Progress, Wealth

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