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OPEC will “wait and see” before changing production

The Organization of Petroleum Exporting Countries (OPEC) will wait before deciding whether to increase production, its acting president, Gabriel Mbaga Obiang Lima, said in London.


"It's better to wait and see", said on the sidelines of the meeting "Investing in African Energy", on Thursday night, the Minister of Mines and Hydrocarbons of Equatorial Guinea, who in 2023 will chair OPEC and the Forum of Exporting Countries of Gas (GECF).

Oil and gas price markets remain volatile due to the increase in world demand after the lifting of restrictions linked to covid-19 in China and also because of international sanctions against Russian oil due to the invasion of Ukraine.

Although the 35th Ministerial Meeting of OPEC and allied countries is not scheduled for June 4th, the Joint Ministerial Follow-up Committee (JMMC) meets every two months and can convene extraordinary meetings.

"We are going to meet and talk about the numbers and then the JMMC will make a decision, but at this point we must be very careful. (...) Our objective is stability, we hate volatility", he told journalists.

Obiang Lima mentioned other factors of instability, such as the situations in Libya and Iran.

In December, despite high prices, OPEC and ten allied countries decided to maintain production, after a cut in October.

OPEC is made up of Saudi Arabia, Algeria, Angola, Republic of Congo, United Arab Emirates, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria and Venezuela.


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