GABRIEL OBIANG Oil prices have finally stabilised and Equatorial Guinea is adjusting its planning according to that. In the longer term, the nation plans to increase output to 300,000 barrels/day. Picture: GALLO IMAGES/AFP/ASHRAF HENDRICKS
GABRIEL OBIANG Oil prices have finally stabilised and Equatorial Guinea is adjusting its planning according to that. In the longer term, the nation plans to increase output to 300,000 barrels/day. Picture: GALLO IMAGES/AFP/ASHRAF HENDRICKS

Equatorial Guinea, Opec’s newest member, is taking steps to stem the decline in its oil production. US firm Kosmos Energy has bought offshore fields previously operated by Hess. This could improve output in the short to medium term, says Equatorial Guinea’s minister of mines, industry & energy, Gabriel Obiang.

Equatorial Guinea joined Opec in May. Its oil production is capped at 128,000 barrels/day until the end of March as part of the group’s effort to eliminate a supply glut, but the oil price has already stabilised. — Reuters

China’s economy projected to increase by 6.8%

China’s economy will probably grow 6.8% in 2017, topping the state target and accelerating for the first time in seven years, a Reuters poll shows. This comes as Beijing walks a tightrope by containing debt and property risks without stunting economic growth. Still, growth in the world’s second-largest economy is projected to slow to 6.4% in 2018, as the measures gain traction. — Reuters

Please sign in or register to comment.