Congo is seeking to become a member of OPEC as the former French colony moves ahead with projects that could help it become the third largest oil producer among sub-Saharan African countries, a government statement said.
“The Republic of Congo has decided to join the Organization of the Petroleum Exporting Countries (OPEC),” the government said in a January 11 statement, but was sent to reporters on Wednesday.
Congo’s oil sector has been hit hard by global oil prices and oil production slowed since 2014, but has recovered thanks to new projects, which are expected to increase output by a quarter to 350,000 bpd this year.
Analysts say if Congo succeeds in joining OPEC, it will become the third largest oil producer among sub-Saharan African countries. Among the oil companies operating in Congo, Eni of Italy and Total of France.
“This imminent accession reflects the desire of the (Congolese President) Denis Sassou Nguesso to place our country in the ranks of world leaders,” the statement said.
He said Saudi Foreign Minister Adel al-Jubeir expressed support for the idea during a visit to Brazzaville on January 8.
But compliance with OPEC’s strict production quotas may be difficult for the Central African country, which has major financial problems and depends almost exclusively on oil for foreign exchange and government revenues.
Congo’s economy has been hit hard by falling oil prices and poor fiscal management, causing total government revenues to drop by about a third since 2015 and public debt or government debt has swelled to about 110 percent of GDP.
