Obiang told Sputnik in an interview that the volume of reduction would depend on the outcome of upcoming meetings. On April 12, OPEC+ agreed to cut production by 9.7 million barrels per day from May-June.
However, sources have told Sputnik that the current decrease could be extended.“Yes. But everything will depend on the meeting,” Obiang said when asked if the producers should stick to the April agreements on easing the cuts starting in July.
He added that there was “no need for more cuts.”The minister noted that Equatorial Guinea, as a member of OPEC, would look into the recommendations of the cartel on the future cuts, as the OPEC Secretariat was responsible for monitoring supply and demand.
“I think it’s better to wait for the full monitoring. And we do recognise that in summer there could be more activity, there is more easing of the lockdown, there is much more movement.
“We don’t have the place in storages, and we don’t have a place to sell it,” Obiang underlined.The OPEC+ countries are expected to meet next week to discuss the situation on the market and whether they should proceed with the 7.7 mbd cut starting in July or if the figure needs some adjustment.