The December 7 Trinidad Guardian has reported that Trinidad and Tobago has been invited to participate in a discussion, along with 14 other countries, being convened by the Organization of Petroleum Exporting Countries (OPEC) on the subject of cutting back on oil production.
Non-OPEC countries are being engaged by the once all-powerful cartel on the subject of following the lead of member countries by cutting production, albeit by smaller amounts. Cuts already agreed to by OPEC last week have reportedly already resulted in an 18 per cent rise in the price of oil, though the available evidence would appear to suggest that the cartel is seeking to push prices up even further.
Trinidad and Tobago apart, OPEC has also asked Russia, Mexico, Bahrain, Colombia, Congo, Egypt, Bolivia, Kazakhstan, Uzbekistan, Turkmenistan, Azerbaijan, Oman and Brunei to attend the meeting.
The Guardian reported that altogether, these 14 countries pumped about 18.8 million barrels of oil per day in 2015, equivalent to 20 per cent of global supply.
The article provided no indication as to the extent to which Trinidad and Tobago will be asked to cut production during the talks scheduled for Vienna tomorrow. The country produces around 66,000 barrels per day.
Trinidad and Tobago is the only oil-producing country in the Caribbean Community, though the recent major oil and gas find offshore Guyana points in the direction of a second regional fossil fuel producer in the short to medium term. Trinidad and Tobago and Guyana have held preliminary discussions regarding possible technical cooperation between the two countries aimed at moving Guyana to the status of an oil producer, though up to earlier this week there was still no word on the completion of an agreement to that effect.
