Equatorial Guinea meets OPEC production cuts obligations

GMOL 2Equatorial Guinea has announced that it fully fulfills its production cuts obligations under the record OPEC++ global oil cuts agreement reached in April 2020, which came into effect on 1 May

In announcing the country’s compliance, minister of mines and hydrocarbons, Gabriel Mbaga Obiang Lima, also paid tribute to Saudi Arabia, the UAE and Algeria for going beyond their obligations and playing a significant role in rebalancing the market.

“I believe that the solidarity of OPEC and OPEC+ members is key for our industry this year and as we enter a recovery phase. The agreement between OPEC and OPEC+ countries is the kind of leadership that our industry needs to navigate very uncertain waters, and Equatorial Guinea will keep supporting such decisions and ensuring it is fully compliant with them,” said the minister.

On this occasion, he also extended his most heartfelt condolences on the passing of Iran’s OPEC Governor, Hossein Kazempour Ardebili.

“Iran is a key pillar of OPEC and a country which has always advocated for the organisation’s voice and position within global energy markets. In addition, the Iranian delegation was extremely supportive of Equatorial Guinea joining OPEC back in 2017. We truly lament the passing of Hossein Kazempour Ardebeli, who was a strong OPEC advocate,” he concluded.

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