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Equatorial Guinea Applies to Join OPEC

Source: Reuters 1/23/2017, Location: Africa

Equatorial Guinea has now applied to join the Organization of the Petroleum Exporting Countries, an OPEC source familiar with the matter said, which would bring the oil producer group's membership to 14 countries.

The African nation, which said earlier that it was seeking to join OPEC, is one of the non-member producers that has agreed to cut output in the first half of 2017 alongside OPEC in an effort to boost oil prices.

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