Guyana Refuses to Join OPEC to Increase Oil Production
Guyana has rejected an offer from the Organization of Petroleum Exporting Countries to join OPEC, The Wall Street Journal reported, citing sources.
The material says that in recent months the republic has been repeatedly invited to join the organization by OPEC Secretary General Haytham al-Ghais and Saudi Energy Minister Prince Abdulaziz bin Salman. However, its vice president, Bharrat Jagdeo, said the country needed to temporarily maximize production and profits, given that oil demand is expected to decline in the coming decades.
He also expressed concern that, due to joining OPEC, Guyana could become dependent on Saudi Arabia and other members of the organization.
It is noted that in case of joining OPEC, the republic would become the first new member of the organization in the last five years and the largest oil producer per capita in the world. Less than 1 million people live in the state.
