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Equatorial Guinea to Assume OPEC Presidency in 2023

Equatorial Guinea to Assume OPEC Presidency in 2023

Emmanuel Addeh in Abuja

The Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Lima, will take over as the President of the Organisation of Petroleum Exporting Countries (OPEC) in 2023, re-establishing Africa as a leading powerhouse in the global oil industry.

Among the largest producers of oil in Africa, Equatorial Guinea has seen exponential Gross Domestic Product (GDP) growth as a result of its oil industry, with exports having been central towards driving the economy and socioeconomic development in the country.

As such, in the wake of a new era of cooperation and partnership-building in the continent, Lima’s appointment as OPEC President is expected to facilitate a platform that will advance the interest of African oil and gas explorers and producers and all OPEC members.

As an intergovernmental organisation OPEC holds significant influence over the global oil market. The organisation and its member states account for nearly 40 per cent of global oil supply and thus, have a critical role to play regarding market stabilisation.

“We at the African Energy Chamber (AEC) are very pleased to see the appointment of Gabriel Obiang Lima as the President of OPEC,” stated NJ Ayuk, Executive Chairman of the AEC,” added Ayuk.

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