A new member will contribute an “insignificant change” to the distribution of quotas to reduce oil output

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC), according to the Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih.

Earlier Khalid Al-Falih told reporters that a new member in the cartel will contribute an “insignificant change” to the distribution of quotas to reduce oil output.

“The share of the reduction will extend to them,” he said.

The minister also said that Turkmenistan and Egypt, that earlier indicated their intention to join the deal, will not take part in the negotiations this time.

More:
http://tass.com/economy/947593