While oil prices rebounded last week on hopes of successful negotiations between Saudi Arabia and Russia, they went back down again today following the negotiations\u2019 delay. Oil prices currently average $25 to $30 a barrel, maintaining their historic low and hurting producers around the world.<\/p>\n
Recently appointed Minister of Petroleum of South Sudan, Hon. Puot Kang had talks over the phone with H.E. Mohammed Sanusi Barkindo, Secretary General of OPEC today, to try to find an exit out of the current crisis. Hon. Puot Kang also pledged to join the OPEC negotiations on Thursday April 9th<\/sup>, with the hope of reaching a favorable agreement that will stabilize the market and bring benefit to South Sudan and its producing companies.<\/p>\n South Sudan has been part of the OPEC Declaration of Cooperation and OPEC+ for years and a consistent supporter of OPEC\u2019s measures to prevent volatility and maintain market stability. Because 98% of the economy of South Sudan depends on oil production and revenue, the country is one of the hardest hit by the current crisis and prices war.<\/p>\n \u201cSouth Sudan believes that market volatility is negative for every player in the market and hurts out ability to attract new foreign investment, diversify our economy and promote peace,\u201d stated Hon. Puot Kang. \u201cSouth Sudan is focused on boosting exploration and opening up new oil & gas fields, and the current scenario hampers our growth targets significantly,\u201d he added.<\/p>\n Hon. Puot Kang notably expressed South Sudan\u2019s willingness to work with OPEC and OPEC+ to end the price war in any way possible. He also further welcomed OPEC\u2019s support in the exchange of information and best industry practices on key matters pertaining to local content development, domestic capacity building, technology transfers and oil revenue management.<\/p>\n","protected":false},"excerpt":{"rendered":"