New oil producing countries with only 800000 people nationwide refuse to join OPEC

time:

2021-11-12

The invitation from OPEC also means that Guyana may need to slow down its development pace. Vice President Jagdeo stated that OPEC had invited the country to Europe to discuss this matter. But the government of Guyana believes that the country's oil production is not enough to affect the global market, so there is no need to join the organization. The government of Guyana is currently working to finalize a legal framework for the oil and gas industry applicable to future operators.
The last time a new member of OPEC joined was in the Congo in 2018. In 2020, Saudi Arabia and OPEC also attempted to recruit Brazil to join the organization. But due to concerns that it may be required to reduce production, Brazil also politely declined this invitation.
Jagdeo stated that the country also supports global efforts to reduce emissions and reduce oil and gas subsidies, but Guyana also needs to invest in a series of infrastructure, including new highways, food processing plants, and hospitals.

Keywords: Human Resources

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