Vice President Bharrat Jagdeo has reiterated that Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC) at this time, explaining that the country is looking to rapidly boost its oil production.
OPEC is an organization that enables the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit.
“Our position remain the same at this point in time, we don’t believe that it is part of national interest to join OPEC at this point in time and that is our position that we don’t believe that it is in our national interest,” the Vice President said during a press conference.
The Vice President in justifying the country’s position said OPEC often cut the quotas of its members to keep oil prices at a certain level, and that as a new oil producer, Guyana cannot afford to be restricted in its oil production.
“We are in the period when we want to grow our industry, we don’t want any restrictions on the pace and the volume of oil produced in this country and that is not the oil reason why,” the Vice President said.
Guyana – which has become one of fastest growing -oil producers in the world since it began producing oil commercially in 2019, has been invited to attend OPEC’s international seminar in July, but there was no invitation to become a member.
Earlier this year, The Wall Street Journal reported that Saudi Arabia’s Energy Minister and OPEC’s Secretary-General, both invited Guyana to join the bloc.