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Dec. 3, 2022
Equatorial Guinea Assumes OPEC Presidency in 2023
Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, will take over as the President of OPEC for 2023.
The Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang Lima, will take over as the President of the Organization of Petroleum Exporting Countries (OPEC) in 2023, reestablishing Africa as a leading powerhouse in the global oil industry.
Among the largest producers of oil in Africa, Equatorial Guinea has seen exponential GDP growth as a result of its oil industry, with exports having been central towards driving the economy and socioeconomic development in the country. As such, in the wake of a new era of cooperation and partnership-building in the continent, Minister Obiang Lima’s appointment as OPEC President is expected to facilitate a platform that will advance the interest of African oil and gas explorers and producers and all OPEC members.
As an intergovernmental organization, OPEC holds significant influence over the global oil market. The organization and its member states account for nearly 40% of global oil supply and thus, have a critical role to play regarding market stabilization.