A delegation led by the Presidential Adviser on Petrochemical Matters, Julián Abia Biteo May, representing the Minister for Mines and Hydrocarbons, Gabriel Mbega Obiang Lima, attended, on 10th December, at the OPEC headquarters (Organisation of Petroleum Exporting Countries) in Vienna, Austria, a ministerial meeting between OPEC countries and non-members.
The main reason for this historic and extraordinary meeting was the invitation by the organisation to non-member countries, to allow them to take part in the measures adopted by this forum, aimed at stabilising the crude market, following several years of falling prices.
They mainly discussed the Algeria Accords, through which OPEC decided to limit world production of crude to 32.5 million barrels/day, signifying a reduction of 1.2 million barrels/day. To achieve this, they asked for cooperation from non-member countries, in order to voluntarily contribute to this quota. The majority of nations committed in some way to reducing production, and thus achieving market stabilisation.
The Russian contribution stands out, as they offered a reduction of 300,000 barrels per day, and Equatorial Guinea, who is collaborating with a drop of 12,000 barrels.
Finally they reached a general agreement, and signed an open agreement with other exporting countries not present at the meeting, through which it is hoped to stabilise the market and turn around the negative trend of recent years.
Source and photos: Ministry for Mines and Hydrocarbons
Information: Mansueto Loeri Bomohagasi (DGPWIGE)
Equatorial Guinea Press and Information Office
Notice: Reproduction of all or part of this article or the images that accompany it must always be done mentioning its source (Equatorial Guinea’s Press and Information Office).