No hurry for Guyana to become member of global oil cartel

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The oil cartel, Organisation of Petroleum Exporting Countries (OPEC), and South America’s new oil producer, Guyana, do not see eye to eye on production policies and for that reason, the country is not interested in becoming a member. 

Its President, Dr. Mohamed Irfaan Ali, reaffirmed this during a recent interview with the BBC’s Gideon Long.

“At this moment, our decision is very clear. We are not in any rush to join OPEC, it is not apart of our policy,” Ali stated.

The last time Vice President Dr. Bharrat Jagdeo said Guyana is not interested in joining OPEC, the organisation sent out a statement that Guyana has not been invited to the membership.

Guyana is laser-focused on maximising development of its oil resources which now exceed 11 billion barrels at the ExxonMobil-operated Stabroek Block. But OPEC often mandates production cuts as part of its policy to control output and boost prices.

Just recently, OPEC’s de facto leader Saudi Arabia said its one million barrel-a-day production cut will continue until December. Brent shot up to US$90.50 – its highest since November 2022 – and has been hovering since.

OPEC is on the hunt for new members and likely candidates are in South America, which include Brazil. It is important to note that Brazil has the same issue with OPEC – it does not want its production levels to be dictated. At least that was the case in 2020. OPEC’s head Haitham Al Ghais is due for a visit to Brazil before the year ends. 

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