(Ecofin Agency) - Gabon has revealed plans to return to the Organization of Petroleum Exporting Countries (OPEC) after twenty years, two OPEC sources revealed on Friday.

The country, if it should comeback will be the smallest producer in the group thereby bring the total number of countries to 14 after the comeback of Indonesia last year.

Gabon became a member of OPEC in 1975 and left in 1995 due to the group's failure to approve its request for lower yearly contributions in accordance with its small output.

According to International Energy Agency (IEA), Gabon produces 200,000 bpd and its production is on a downward trend. In 2015, the government inaugurated an offshore licensing round as a way of increasing exploration in the country.

Sources have said that the next step is for OPEC oil ministers to sit and discuss Gabon's request for a comeback which will be at the next meeting in June.

The rules and regulation of the cartel is that a country needs to have a significant net export of crude so as to become a complete member of OPEC but the ministers had bypassed the requirement by agreeing to receive Indonesia, which is now a net oil importer back to the group.

Due to this it is not sure yet if Gabon's comeback will be as direct as that of Indonesia, Reuters reports.

Anita Fatunji