Equatorial Guinea and Saudi Arabia Reaffirm Commitment to Oil Production Cuts

Jeddah – The Government of Equatorial Guinea has announced its appreciation to the Kingdom of Saudi for supporting its accession to the Organization of Petroleum Exporting Countries (OPEC). In January Equatorial Guinea submitted its interest to join OPEC, following the land mark Declaration of Cooperation Agreement signed on December 2017, joining OPEC and 10 other non-OPEC countries to reduce a total of about 1.8 million barrels per day of total oil production in the first 6 months of 2017. Equatorial Guinea has reconfirmed its voluntary agreement to reduce oil production by 12,000 barrels of oil per day. The Government of Equatorial Guinea joins Saudi Arabia in supporting an extension of the Agreement of December 10, 2016 for 6 months or longer as needed to balance oil markets.

 

H.E. President Teodoro Obiang Nguema Mbasogo met with H.E. Abdurrahman Abdul Mohsen Al-Fadli, Saudi Minister of Environment, Water and Agriculture, who was representing H.E. Khalid Al-Falih, Saudi Minister of Energy, Industry and Mineral Resources, to reaffirm solidarity on the oil production cuts and discuss further cooperation in related sectors. Technicians from both petroleum ministries will be in constant contact to follow up on this agreement.

 

“We stand shoulder to shoulder with the Kingdom of Saudi Arabia in bringing stability to global oil markets,” said H.E. President Obiang Nguema Mbasogo. “Equatorial Guinea reaffirms its commitment to these production cuts and is grateful to the Kingdom of Saudi Arabia for its support to join OPEC.”

 

To learn more about the country’s investment opportunities and the Equatorial Guinea-Saudi Arabia Economic Forum, please visit www.investineg.com. To meet with representatives of Equatorial Guinea’s government, please contact saudiarabia@investineg.com.