Ghana is not in haste to become a member of the Organisation of Petroleum Exporting Countries (OPEC) as it starts oil production soon, Edward Bawa, a spokesman for the Minister for Energy, has said.
“The priority of the government now is to ensure the production of the crude in commercial quantities,” he told the Times in an interview.
Mr. Bawa said membership of OPEC has far reaching implications and it is only at the Cabinet level that decision can be arrived at.
He said OPEC’s influence on the world price of crude oil has diminished because of numerous emerging oil fields globally, notably in Alaska, the North Sea, Canada, the Gulf of Mexico and Russia among others.
OPEC is a cartel of 12 oil producing countries comprising of Algeria, Angola, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
Collectively, OPEC members through their collective decisions, ensure the stabilisation of oil prices on the international markets with the view to eliminate harmful and unnecessary fluctuation.
They account for two- thirds of the world oil reserves and produces 33.3 per cent of the world’s oil which enables them to considerably control the global market.
The next group of producer members of Organisation for Economic Co-operation and Development (OCED) and the Post Soviet states produce only 23.8 per cent and 14. 8 per cent respectively of the world’s total oil production.
Source: The Ghanaian Times