South Sudan to join OPEC-led efforts in stabilizing oil market

Source: Xinhua| 2020-04-07 22:58:27|Editor: huaxia

JUBA, April 7 (Xinhua) -- South Sudan has committed to join measures by the Organization of the Petroleum Exporting Countries (OPEC) to prevent volatility and restore stability in the oil market.

South Sudan Petroleum Minister Puot Kang on Monday held telephone discussions with Mohammed Sanusi Barkindo, Secretary-General of OPEC and expressed the country's willingness to work with OPEC and non-oil producing countries to end the oil price war that has crippled the industry, the African Energy Chamber said in a statement issued on Monday evening.

"South Sudan believes that market volatility is negative for every player in the market and hurts our ability to attract new foreign investment, diversify our economy and promote peace," Kang said.

Kang said he would join OPEC negotiations slated for April 9, with the hope of reaching a favorable agreement that will stabilize the market and bring benefit to South Sudan and its producing companies.

"South Sudan is focused on boosting exploration and opening up new oil and gas fields, and the current scenario hampers our growth targets significantly," Kang added.

South Sudan's economy depends on oil revenue to finance 98 percent of its fiscal expenditure and the country is one of the hardest-hit by the current crisis and price war.

The oil-rich east African country which currently produces nearly 200,000 barrels per day has been part of the OPEC Declaration of Cooperation and OPEC+ since 2011.