OPEC delegations meets with the President and Oil Minister of Gabon

The OPEC delegation was formally received by the Gabonese President who emphasised the importance of having rejoined the OPEC family. Gabon was a full member of OPEC before it terminated its membership in 1995. The contry re-joined the organisation in July 2016.

“We are passing through a difficult time and if it had not been for OPEC, it could have been much more difficult,” the President said.

The President also noted the value of the technical assistance that the country receives from various OPEC member countries, particularly now that Gabon “has embarked on a plan to transform its oil industry” and make it more sustainable.

The Secretary General thanked the President for receiving the OPEC delegation. He also congratulated the President for his country's decision to rejoin the organizsation, a relationship which Barkindo described as mutually beneficial.

Barkindo gave the President an overview of the current oil price cycle, which started in 2014. He called it one of the most severe price cycles in recent years, with prices dropping by 80%, and described how it has been affecting the market, as well as the industry.

He also described the ongoing collaborations between OPEC and non-OPEC producers, which are built on the solid foundation established by last year’s supply adjustment decisions, highlighting the impact it has had on the market so far.

Barkindo also briefed the President on the decisions taken in May to extend the adjustments for nine additional months, starting from July. “I am optimistic that the market will be rebalanced – and together with the help of Gabon we will restore stability to the market,” the Secretary General said.

Earlier in the week, Barkindo met with Gabon’s Minister of Petroleum and Hydrocarbons. The Secretary General called it a wise and strategic decision to rejoin OPEC, made in the interest of the Gabonese people. “I am confident that we can work together for the benefit of both OPEC and Gabon,” he said.

The OPEC delegation, accompanied by Minister Ambouroue, visited Gabon Oil Company, the country’s national oil company, which was set up in 2011.

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