The Strategist

OPEC to include Guyana in oil exporters cartel

06/27/2023 - 09:08

According to the WSJ, OPEC is interested in the South American Guyana joining its cartel of oil-exporting nations.

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The Organization of Petroleum Exporting Countries (OPEC) wants South American Guyana, which has fewer than 1 million people and is home to the most potential oil reserves, to join as a new member.

According to The Wall Street Journal, referring to sources in OPEC, the nation has recently become the world's fastest-growing oil producer per capita. The country has recently offers to join OPEC from both Saudi Arabia's Energy Minister Abdulaziz bin Salman Al Saud and OPEC Secretary General Haitham al-Ghais.  

Vice President Bharrat Jagdeo claims that Guyana has to maximize oil production and oil income now because oil consumption is expected to diminish over the next few decades.

“Given that we're not sure we have a window into the future, the current plan is to extract as many of these resources from the ground as rapidly as possible,” Jagdeo said. He warned that joining OPEC may make Guyana dependent on Saudi Arabia and other group members, who have occasionally collaborated in recent years to reduce world production and boost oil prices.