Equatorial Guinea to add 20,000 bpd oil output this year


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Equatorial Guinea to add 20,000 bpd oil output this year

On Sunday, the 12th of January 2020, Oil Minister of Equatorial Guinea, a smaller Central African country composed of the Rio Moni mainland and five other volcanic islands, economy of which remained largely dependent on its petroleum reserves since discoveries of several oil fields in the 1980s, said that the country would be producing an additional 20,000 barrels of oil per day or 0.2 per cent of entire global oil output from October this year.

Meanwhile, referring to a number of new discoveries, Equatorial Guinea’s Oil Minister, Gabriel Obiang Lima said to the reporters over the sidelines of an energy event on Sunday (January 12th), “We expect an increase this year of around 20,000 bpd additional because of the new discoveries,” while being asked about the requirement of a production cut beyond March, Obiang Lima was quoted saying as an OPEC member, in order to maintain a crude oil price between $60 to $70 per barrel, the deal should continue.

In point of fact, Equatorial Guinea, a former cocoa-based economy transformed in to a petroleum-based one during early 1980s following a number of exploration attempts, and a member of the Organization of Petroleum Exporting Countries (OPEC), has been producing roughly 120,000 barrels per day of crude oil or 1.2 per cent of entire global crude oil supply.