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Thursday, September 29, 2022

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    Equatorial Guinea supports Saudi Arabia’s call for a stable oil market.

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    Somali Magazine His Royal Highness Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, has stated that the Organization of Petroleum Exporting Countries (OPEC) and its partners have the commitment, flexibility, and means to immediately address ongoing market concerns. As thin liquidity and excessive volatility weaken the market’s essential function while bringing new risks to the value chain, utilising market stability and volatility reduction strategies is more important than ever. Equatorial Guinea, as the OPEC President for 2023, firmly supports HRH Prince Abdulaziz in his search of stability, as do other African producing countries.

    This disconnect has essentially had a significant impact on market operations, a trend that has only been exacerbated by “unsubstantiated stories about demand destruction, recurring news about the return of large volumes of supply, and ambiguity and uncertainty about the potential impacts of price caps, embargoes, and sanctions.” As a result, addressing this disconnect and ushering in a new age of market stability and prosperity is critical, and OPEC+ is the solution.

    “Over the last two years, OPEC+ has demonstrated its role in stabilising and strengthening global oil and gas markets, and this will continue in 2022.” As expressed by HRH Prince Abdulaziz bin Salman, OPEC+ has the potential to promote stability, whether through production cuts or other measures. “As an OPEC member and the 2023 organization’s President, Equatorial Guinea fully supports OPEC+ and the methods it employs to ensure stability,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, adding, “Producing markets in Africa have supported and will continue to support calls for market stability and volatility reduction.” Bringing stability to Africa will be critical not only for existing and rising oil and gas markets.

    “Watching this recent detrimental volatility disrupt the essential functions of the market and damage the stability of oil markets will only reinforce our determination,” HRH Prince Abdulaziz bin Salman said.

    This position is completely supported and endorsed by the African Energy Chamber.

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