While oil costs rebounded last week in the hope of successful talks between Saudi Arabia and Russia, today they have rebounded after the pause in the negotiations. Today, oil prices average $25-$30 per barrel while retaining their world’s historically small and harsh output.
OPEC Secretary- Mohammed Sanusi Barkindo today is seeking to find an escape from the current crisis. Hon. Puot Kang also pledged to enter on Thursday 9 April OPEC negotiations to reach a favourable agreement to balance the market and support South Sudan and its manufacturing companies.
OPEC Cooperation and OPEC+ has long been a part of South Sudan and has consistently been a supporter of OPEC volatility reduction and market stability initiatives in the region. Since 98% of South Sudan’s economy depends on petroleum production and revenue, it is one of the most heavily hit by today’s crisis and prices battle.
Hon. Puot Kang said, “South Sudan believes market instability is detrimental for all market participants and harms the potential to attract new foreign investments, diversify our economy and promote peace.” “South Sudan is focused on discovering and developing new oil and gas fields and the current scenario significantly hampers our growth goals,” he said.
Hon. Puot Kang especially expressed the willingness of South Sudan to work with OPEC and OPEC+ to end the price war. He also welcomed OPEC support for the exchange of knowledge and best practice in the industry on key issues related to local content creation, home capacity building, transfers of technology and the management of oil revenues.
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Data Source: African Energy Chamber