In 2023, Gabriel Mbaga Obiang Lima, the Minister of Mines and Hydrocarbons of Equatorial Guinea, would assume the job of President of the Organisation of Petroleum Exporting Countries, OPEC, reestablishing Africa as a major player in the world oil market.
Equatorial Guinea, one of the biggest oil producers in Africa, has experienced exponential GDP growth as a result of its oil business, with exports playing a key role in advancing the nation’s economy and societal development.
As a result, Minister Obiang Lima’s election as OPEC President is anticipated to facilitate a platform that will advance the interests of African oil and gas explorers and producers as well as those of all OPEC members in the wake of a new era of cooperation and partnership-building on the continent.
OPEC has considerable sway over the world oil market due to its status as an international organisation. As approximately 40% of the world’s oil supply comes from the organisation and its member governments, they are essential to market stabilisation.
Equatorial Guinea will hold a more important position in the world’s energy market as a result of assuming the presidency, and it will also be able to speak for Africa within the organisation itself.
The nation has taken the initiative to deepen ties with both OPEC and non-OPEC members, reiterating its status as a significant regional and global energy partner. Equatorial Guinea will now be able to actively influence decision-making in the region’s and the wider continent’s favor as it promotes the difficulties encountered and opportunities existing within Africa’s energy business. Equatorial Guinea now holds the OPEC Presidency.
“We at the African Energy Chamber (AEC) are very pleased to see the appointment of Gabriel Obiang Lima as the President of OPEC,” states NJ Ayuk, Executive Chairman of the AEC, adding, “With a global climate that is pushing Africa and OPEC countries to abandon oil and gas, demand for oil and gas is increasing especially in emerging economies that need to industrialise, eradicate energy poverty and promote clean cooking.” Added Ayuk
“What Africa and the world needs more than anything right now is market stability. We are confident that Minister Obiang Lima will work with all OPEC member countries to ensure the needs of producers and consumers are met.” Concluded Ayuk
Previously held by the Republic of the Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, whose tenure and skilled leadership at OPEC led to a new era of market stability for Africa, the appointment of Minister Obiang Lima is poised to demonstrate the continent’s steadfast commitment to working with a variety of stakeholders under the common goal of making energy poverty history in Africa by 2030.
For his part, Minister Obiang Lima has and continues to work towards bringing energy security to the African continent as a whole. He has served in the oil and gas sector since 1997 with past positions including Minister Delegate, Vice Minister, Secretary of State for Mines and Hydrocarbons, and Presidential Advisor of Hydrocarbons for Equatorial Guinea.