South Sudan joins OPEC, Russia, and Saudi Arabia to stabilise the Oil Market
Along with other African producing countries, South Sudan has been a key supporter of the Declaration of Cooperation and OPEC+ since 2016
JUBA, South Sudan, — Hon. Puot Kang Chol, Minister of Petroleum of South Sudan, has joined its other OPEC and OPEC+ counterparts to agree on a historic deal to cut 9.7 million barrels of oil per day of supply starting May 1st, 2020. The agreement is historic in nature and should enable oil market to rebalance and keep price stability until at least 2022.
“South Sudan is East Africa’s only producing country. Our production was over 350, 000 bpd before the civil war and following continuous efforts to put damaged fields back into production, we are currently producing about 185 000 bopd. Our target is to attract more investment into our oilfields to get our nation back to a production level of 300 000 bpd” stated Hon. Puot Kang Chol.
“The current price war and the coronavirus pandemic have affected our economy and prospects for investments so we naturally welcome all efforts to stabilize the oil market and the Republic of South Sudan will continue to play its role in ensuring market stability for the benefit of all stakeholders,” he added. “Our government will continue doing its utmost best in meeting the oil production adjustment targets and in fighting the coronavirus. These are priorities and we will continue collaborating with all our partners to preserve the interests of our industry and our economy,” he concluded.
Along with other African producing countries, South Sudan has been a key supporter of the Declaration of Cooperation and OPEC+ since 2016. Today, OPEC and OPEC+ member countries have decided to cut oil production by 9.7 million barrels a day starting on May 1st, 2020 and until June 30th, 2020. From July 1st, 2020, production cuts will be readjusted to 8 million barrels a day until the end of the year. Finally, OPEC and OPEC+ member countries have agreed on a production cut of 6 million barrels a day from January 1st, 2021 until the end of April 2022.