Equatorial Guinea takes over OPEC presidency in 2023

Equatorial Guinea's minister of mines and hydrocarbons, Gabriel Mbaga Obiang Lima, will take over the presidency of the Organisation of Petroleum Exporting Countries (OPEC) in 2023, re-establishing Africa as a leading power in the global oil industry, reports the African Energy Chamber.
 
As one of Africa's largest oil producers, Equatorial Guinea has experienced exponential GDP growth due to its oil industry, with exports playing a central role in the country's economy and socio-economic development. As such, in the wake of a new era of cooperation and partnership building on the continent, the appointment of Minister Obiang Lima as OPEC President should facilitate the establishment of a platform that will advance the interests of African oil and gas explorers and producers and all OPEC Members.
 
As an intergovernmental organisation, OPEC has considerable influence on the world oil market. The organisation and its Member States account for almost 40% of the world's oil supply and therefore have a key role to play in stabilising the market.