The Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang Fivewill take over the presidency of OPEC for 2023
The Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang Fivewill take over the presidency of the Organization of the Petroleum Exporting Countries (OPEC) in 2023, thereby re-establishing Africa as a leading power in the global oil industry.
Among Africa’s largest oil producers, Equatorial Guinea has experienced exponential GDP growth thanks to its oil industry, with exports playing a central role in the country’s economy and socio-economic development. Thus, in the wake of a new era of cooperation and partnership-building on the continent, the appointment of Minister Obiang Lima as OPEC President should facilitate the establishment of a platform that will advance the interests of African oil and gas explorers and producers and all OPEC members.
OPEC, 40% of world oil supply
As an intergovernmental organization, OPEC wields considerable influence in the world oil market. The organization and its member states account for almost 40% of the world’s oil supply and therefore have a key role to play in stabilizing the market.
By assuming the presidency, Equatorial Guinea will not only occupy a more prominent position in the global energy arena, but will also be able to express an African perspective within the organization itself. The country has been proactive in strengthening ties with OPEC and non-OPEC countries, thereby reaffirming its position as an important regional and international energy partner. By assuming the presidency of OPEC, Equatorial Guinea will be able to actively influence decision-making in favor of the region and the continent, while raising awareness of the challenges and opportunities of the African energy industry.
“We at the African Energy Chamber (AEC) are very pleased to see the appointment of Gabriel Obiang Lima as President of OPEC,” says NJ Ayuk, Executive Chairman of the AEC, adding, “With a global climate that pushes Africa and OPEC countries to abandon oil and gas, the demand for oil and gas is increasing, especially in emerging economies that must industrialize, eradicate energy poverty and promote clean kitchen.” Added Ayuk
That said, Minister Obiang Lima has worked and continues to work for the energy security of the African continent as a whole. He has worked in the oil and gas sector since 1997 and has held the positions of Deputy Minister, Vice-Minister, Secretary of State for Mines and Hydrocarbons and Presidential Advisor for Hydrocarbons in Equatorial Guinea, among others.
