South Sudan Petroleum Minister Holds Talks with OPEC to Find Solutions on Oil Price War
Hon. Puot Kang notably expressed South Sudan’s willingness to work with OPEC and OPEC+ to end the price war in any way possible
JUBA, South Sudan, April 6, 2020/ --
While oil prices rebounded last week on hopes of successful negotiations between Saudi Arabia and Russia, they went back down again today
following the negotiations’ delay. Oil prices currently average $25 to
$30 a barrel, maintaining their historic low and hurting producers
around the world.
Recently appointed Minister of Petroleum of South Sudan, Hon. Puot Kang
had talks over the phone with H.E. Mohammed Sanusi Barkindo, Secretary
General of OPEC today, to try to find an exit out of the current crisis. Hon. Puot Kang also pledged to join the OPEC negotiations on Thursday
April 9th, with the hope of reaching a favorable agreement
that will stabilize the market and bring benefit to South Sudan and its
producing companies.
South Sudan has been part of the OPEC Declaration of Cooperation and
OPEC+ for years and a consistent supporter of OPEC’s measures to prevent volatility and maintain market stability. Because 98% of the economy of South Sudan depends on oil production and revenue, the country is one
of the hardest hit by the current crisis and prices war.
“South Sudan believes that market volatility is negative for every
player in the market and hurts out ability to attract new foreign
investment, diversify our economy and promote peace,” stated Hon. Puot
Kang. “South Sudan is focused on boosting exploration and opening up new oil & gas fields, and the current scenario hampers our growth
targets significantly,” he added.
Hon. Puot Kang notably expressed South Sudan’s willingness to work with
OPEC and OPEC+ to end the price war in any way possible. He also further welcomed OPEC’s support in the exchange of information and best
industry practices on key matters pertaining to local content
development, domestic capacity building, technology transfers and oil
revenue management.
Link: African Energy Chamber
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