The Organization of the Petroleum Exporting Countries (OPEC) requested oil-rich South American Guiana to become a member of the association, but was refused. In this respect writer The Wall Street Journal cites two OPEC counterparts familiar with the situation.
According to the newspaper, OPEC Secretary General Haytham al-Ghais and Saudi Energy Minister Prince Abdulaziz bin Salman have been inviting Guyana to join the organization in recent months. For now, however, the Republic of South America has decided not to participate.
Vice President Bharrat Jagdeo said Guyana needs to rapidly increase oil production to meet growing demand. Joining OPEC could also result in the country being indebted to the organization’s efforts to curb world supply to support oil prices. Therefore, Guyana will take a wait-and-see attitude to do the right thing in its own country.
The authors of the publication noted that if Guyana still wishes to become a member of OPEC, that state would be the organization’s first new member in the past five years.
Formerly The Wall Street Journal WroteHe said Saudi Arabia, the de facto leader of OPEC, had asked Russia to comply with agreed proposals to cut oil production. As stated in the publication, Riyadh is dissatisfied with Russia’s failure to comply with the level of oil production cuts promised by the Russian authorities.