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Congo Brazzaville joins OPEC, pledges to Increase output by 25%

25 Jun 2018, 06:44 pm
Financial Nigeria
Congo Brazzaville joins OPEC, pledges to Increase output by 25%

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Currently, Congo produces 280,000 barrels per day.

OPEC headquarters, Vienna, Austria

The Organisation of the Petroleum Exporting Countries (OPEC), on Friday in Vienna, welcome Congo Brazzaville as its newest member.

Congo had, earlier in January, announced its intention to join the oil cartel. The country is now the 15th nation to become a member of the organisation.

OPEC, in a statement, said that Congo’s request to join the organisation was considered and the Conference decided to approve its admission with immediate effect.

Also at the meeting, OPEC members agreed to raise production in July.

“The Conference noted that the oil market situation has further improved over the past six months, with the global economy remaining strong, oil demand relatively robust, albeit with some uncertainties, and with the market rebalancing evidently continuing,” OPEC said. “Moreover, the return of more stability and more optimism to the industry has been welcomed by all stakeholders.”

Currently, Congo produces 280,000 barrels per day. However, upon admission into OPEC, it pledges to raise production output by 25 percent, thereby increasing output to 350,000 barrels per day.

Congo Brazzaville is expected to become the third largest producer of oil in Sub-Saharan Africa, if the pledge is fulfilled.


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