While oil prices rebounded last week on hopes of successful negotiations between Saudi Arabia and Russia, they went back down again following the negotiations’ delay
Oil prices currently average US$25 to US$30 a barrel, maintaining their historic low and hurting producers around the world.
Puot Kang, minister of petroleum of South Sudan, had talks over the phone with Mohammed Sanusi Barkindo, secretary general of OPEC, to try to find an exit out of the current crisis.
Kang also pledged to join the OPEC negotiations on Thursday 9 April, with the hope of reaching a favourable agreement that will stabilise the market and bring benefit to South Sudan and its producing companies.
South Sudan has been part of the OPEC Declaration of Cooperation and OPEC+ for years and a consistent supporter of OPEC’s measures to prevent volatility and maintain market stability. Because 98 per cent of the economy of South Sudan depends on oil production and revenue, the country is one of the hardest hit by the current crisis and prices war.
“South Sudan believes that market volatility is negative for every player in the market and hurts out ability to attract new foreign investment, diversify our economy and promote peace,” stated Kang. “South Sudan is focused on boosting exploration and opening up new oil and gas fields, and the current scenario hampers our growth targets significantly,” he added.
Kang notably expressed South Sudan’s willingness to work with OPEC and OPEC+ to end the price war in any way possible. He also further welcomed OPEC’s support in the exchange of information and best industry practices on key matters pertaining to local content development, domestic capacity building, technology transfers and oil revenue management.
