OPEC is losing its prestige. It used to be the most powerful association of the world's largest oil producers. Now it has so many obligations and restrictions that it scares off potential candidates. Oil-rich Guyana turned down an invitation to join the cartel.
Negotiations between the Organization of the Petroleum Exporting Countries and the South American state were fruitful but to no avail. The invitation of OPEC was rejected despite all efforts of its Secretary General Haytham al-Ghais and Saudi Arabia Minister of Energy Prince Abdulaziz bin Salman. High-level negotiations brought no desired effect on the South American country, and it decided not to become a member of the organization.
According to Guyana’s Vice President Bharrat Jagdeo, the country needs to ramp up oil production in light of growing demands. By joining OPEC, Guyana would have to adapt to the efforts of the cartel to cut oil production globally.
Guyana is not the only country displeased with such obligations. Earlier, The Wall Street Journal reported that Saudi Arabia, the de facto leader of OPEC, asked Russia to comply with the efforts to reduce oil production. Riyadh is discontent about Russia’s lack of oil cuts.
