DRC and Nigeria Renew OPEC Commitment After Angola’s Departure
Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices.
Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported.
On Thursday, Angola announced its exit from OPEC, citing that the organization no longer served its interests.
But Nigeria’s minister of state for petroleum Heineken Lokpobiri said in a statement that the country’s commitment to OPEC remained unwavering.
What the minister said:
“Our collaboration within the organisation remains pivotal in fostering stability and sustainability in the oil market,” Lokpobiri said in a statement,”
“We are resolute in our dedication to OPEC’s objectives while actively engaging with the organisation to address concerns that resonate not only within our nation’s borders but across the entire continent.”
Nigeria has been assigned a 2024 target of 1.5 million barrels per day (bpd); however, the country intends to exceed this goal by producing at least 1.8 million bpd.
Similarly, Congo’s hydrocarbons minister Bruno Jean-Richard Itoua said “The Republic of Congo reaffirms its steadfast commitment to the strategic policy defined by the Secretary-General of OPEC and OPEC+. Congo is committed to continuing close and constructive collaboration with all member countries.”
Congo, which became a full member of OPEC in 2018, has been set a target of 277,000 barrels per day (bpd) for 2024 by the Saudi-led oil producer group.
