Luanda - The Organisation of the Petroleum Exporting Countries (OPEC) unanimously elected Equatorial Guinean politician, Gabriel M. Obiang Nguema Lima, as president of the cartel for the year 2023, in the scope of the rotating presidency.
The new president of the organisation is minister of Mines and Hydrocarbons of Equatorial Guinea.
According to a press release to which ANGOP had access today, the act took place by video-conference at the 34th Ministerial Meeting of OPEC+, held on Sunday, 4 December.
The participants reaffirmed the decision of the 10th OPEC+ Ministerial Meeting, held on 12 April 2020, and, subsequently supported in subsequent meetings, including the 19th OPEC+ Ministerial Meeting of 18 July 2021, and the 33rd OPEC+ Ministerial Meeting held on 5 October 2022, which maintained the cuts in oil production.
The document highlights that the OPEC+ decision includes adjusting the frequency of monthly meetings to become bimonthly for the Joint Ministerial Monitoring Committee (JMMC) and the JMMC´s authority to hold additional meetings or request an OPEC+ Ministerial meeting at any time to address market developments if necessary.
They also reiterated the crucial importance of joining the full compensation and compliance mechanism, taking advantage of the extension approved at the 33rd OPEC+ Ministerial Meeting and scheduled the 35th OPEC+ Ministerial Meeting for 4 July 2023.
Equatorial Guinea will hold the OPEC presidency in 2023, taking over the rotating presidency that was held by another African country, the Republic of Congo.
OPEC is an organisation that represents the interests of 13 oil exporting countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
