Equatorial Guinea Re-affirms its Commitment to Membership of Organization of the Petroleum Exporting Countries (OPEC) and Objectives of OPEC+ Cooperation

The Republic of Equatorial Guinea shares the same core values as OPEC/OPEC+, in its strategic positioning and vision in the world, but above all, in the constant objective of improving the standard of living of the people, to whom we owe a position of responsibility and solidarity, through a policy that imprints certainty in the ability of governments to plan their Economy, through policies that provide markets certainty, states Equatorial Guinea’s Minister of Mines and Hydrocarbons and OPEC President, H.E. Antonio Oburu Ondo.

Markets certainty is an essential factor in relation to the ability to succeed in economic planning or to keep producing or to be disciplined with regards to production projects. The only clearly important factor in achieving all of the above is the stability of markets. This is what OPEC/OPEC+ embodies and this is the position of the Republic of Equatorial Guinea.

The commitment to the common goals of OPEC/OPEC+ and the common responsibility of OPEC/OPEC+ to create certainty in the improvement of people’s living, are values that are implemented only through collective effort.

The Republic of Equatorial Guinea not only is re-affirming its commitment to OPEC Membership and the values and objectives of OPEC+, but there is clearly a need for economic logic to assert ourselves for the promotion of these objectives, as attested within the organization through the fulfilment of our commitments.

The challenge of the energy transition requires a strong organization such as OPEC/OPEC+ that promotes a pragmatic balance in relation to the debate and proposal of solutions that take into account the condition of producers (and their peoples) with less advanced economies and less diversified production structures. This pragmatic balance, which implies international acknowledgment of all positionings and interests involved with reference to the energy transition, can only be achieved through the existence of structures or organizations willing to depolarize the structure of advantages in the current energy transition scenario.

The Republic of Equatorial Guinea not only believes in the role of OPEC/OPEC+ in this regard but will continue to be an important force for the continuity of such a role of OPEC/OPEC+.

In order to attain better stages in terms of influence, development and economic certainty, the Republic of Equatorial Guinea invites eligible countries to be part of the vision of this great organization.

Distributed by APO Group on behalf of African Energy Chamber.