Gabon would not have respected the quotas set by the Organization of the Petroleum Exporting Countries (OPEC), by producing 226,000 b / d in May 2020 when it was bound not to exceed 144,000 b / d. The country will be forced to lower its production for several months in 2020, in order to compensate for its surplus production in May and June.
Struck by Covid-19, the Organization of the Petroleum Exporting Countries (OPEC) was forced to cut production. However, some members did not meet the quotas imposed on them. This is the case of Congo and Gabon, Africa Intelligence revealed in the June 11 release.
“Brazzaville produced 312,000 b / d in May, barely less than the 325,000 b / d of 2018 (basis for calculations) and far from the 250,000 b / d of its crisis quota.
Worse, Libreville saw its quota soar, going from 187,000 barrels b / d in 2018 to 226,000 b / d in May 2020 when it was bound not to exceed 144,000 b / d “, indicates the professional site on political and economic news in Africa.
Furious, OPEC should punish the bad guys. Having joined this organization in 2016, Gabon, in particular, will be forced to lower its production for several months in 2020, in order to compensate for its surplus production in May and June.
This would be a real blow to the country of Ali Bongo, in the event of a surge in oil prices. After dropping to $ 20 or less in April, the price of a barrel of oil has stabilized at $ 40.
This may adversely affect petroleum revenue. Bad news for a country greatly dependent on oil with Covid 19 already forcing the Bongo regime to reduce its 2020 annual budget by 9%.
