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Another country may join OPEC+

16 April 2024 21:55 (UTC+04:00)
Another country may join OPEC+

By Alimat Aliyeva

The group of leading OPEC+ oil producing countries is exploring the possibility of joining Namibia, where oil fields with a total volume of 2.6 billion barrels have been discovered, Azernews reports, citing foreign media outlets.

The first step towards Namibia's possible accession to OPEC+ will be its signing of the charter of cooperation of oil-producing countries, the agency notes. The Namibian authorities announced in the autumn of 2022 that they would consider applying to join OPEC if large oil reserves on its shelf were confirmed. So far, Namibia has not made a similar request to OPEC or OPEC+.

According to the plans, the first oil from the already explored fields on the Namibian shelf will enter the world market in 2030. In the first years, daily production will amount to 700 thousand barrels. Experts believe that in the next 10 years, Namibia is capable of becoming the fourth largest oil producing country in Africa.

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