The Republic of Congo announced, on Tuesday 16 January 2018, its wish to join the Organization of Producer Countries Producing Oil Exporters (OPEC).
According to a statement signed by the Minister of State, Chief of Staff of the Head of State “this desire for the imminent accession of the Congo to OPEC reflects the desire of President Sassou, to place his country among the world leaders, carriers proposals in international negotiations “.
Through this approach, the statement continues, the Congo intends to give itself the means to take its place in the definition of policies and decision-making within OPEC.
The fourth largest producer of black gold in sub-Saharan Africa, the Congo wants to bring this year its oil production to 300.000 barrels per day.
At this rate of 300.000 barrels per day, according to forecasts of the Congolese Ministry of Hydrocarbons, the country forecasts an annual production of 117 million barrels.
With a production of 117 million barrels, the Congo plans to make 749 billions of CFA francs, an increase of nearly 357 billion CFA francs compared to the revenues collected during the last year. amount of 391 billion CFA francs.
Resources from oil account for about 2 / 3 of Congo’s GDP, 75% of government revenue and 90% of export earnings, official sources say.
It should be noted that the Congolese economy has suffered since 2014 an economic and financial crisis caused by the decline in oil prices.
As a reminder, Founded in 1960, OPEC brings together 14 countries that, as the name suggests, export oil. It aims primarily to regulate the price of crude by coordinating the production of its members around a total level of 30 40 million barrels per day.