Guyana refused to join the Organization of Petroleum Exporting Countries (OPEC),
Report informs via TASS that OPEC Secretary General Haitham al-Ghaith and Saudi Energy Minister Prince Abdulaziz bin Salman have been inviting Guyana to join the organization in recent months. For the time being, however, the South American republic has decided not to join, and its vice president, Bharrat Jagdeo, told the newspaper that the country needs to maximize production and profits in the short term, given that oil demand is expected to decline in the coming decades.
Joining OPEC, according to Jagdeo, could lead to Guyana becoming dependent on Saudi Arabia and other members of the organization, who have worked together in recent years, from time to time restraining global supplies and supporting prices, the publication reports.
He said the country just wants to distances itself for a while and put its national affairs in order.