JOHANNESBURG/South Africa: During the 36th OPEC and non-OPEC Ministerial Meeting in November, the Republic of Congo and Nigeria, two of Africa’s primary oil-producing nations and members of the Organization of the Petroleum Exporting Countries (OPEC), reiterated their unwavering dedication to stabilizing the global oil market in the years to come.
In a pivotal agreement reached during the meeting, both nations committed to specific production quotas for 2024. The Republic of Congo pledged to maintain a production quota of 277 billion barrels of crude oil per day (bpd), while Nigeria aimed for a production quota of 1,500 bpd starting from January 2024. This collaboration seeks to establish stability amidst various factors influencing the oil market, including shifts in energy consumption patterns and the ongoing energy transition.
Bruno Itoua, the Minister of Hydrocarbons for the Republic of Congo, affirmed their allegiance to OPEC’s strategic policies. “We strongly support efforts to stabilize and sustainably develop oil markets, crucial for our sector’s future and the global economy,” he emphasized. Highlighting the harmony among OPEC and OPEC+ members, Itoua underscored the shared commitment to collaborative objectives.
Similarly, Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum, echoed this sentiment, emphasizing Nigeria’s unwavering commitment to OPEC. He stressed the nation’s readiness to contribute constructively to ongoing dialogues concerning regional challenges and opportunities within the energy sector.
The African Energy Chamber (AEC), representing the continent’s energy sector, lauded the Republic of Congo and Nigeria for their dedication to fostering growth and stability in both African and global oil markets through collaborative efforts with OPEC, OPEC+, and member countries.
The Chamber recognized OPEC’s historical role as a dependable consortium for countries like the Republic of Congo and Nigeria to bolster their upstream operations, local content development, and resource monetization strategies. Notably, both nations, in partnership with global players like TotalEnergies, bp, Eni Perenco, Chevron, and Kosmos Energy, have positioned themselves as crucial contributors to global energy security.
Against the backdrop of the energy transition and evolving global climate policies impacting the oil industry, the Chamber highlighted OPEC’s pivotal role in supporting African countries’ oil production efforts to address energy poverty and global demand while propelling industrialization. The Chamber expressed confidence in Congo’s ability to accelerate oil production and shape the continent’s industry growth through enhanced cooperation with OPEC and its allies.
NJ Ayuk, the Executive Chairman of the AEC, lauded the commitment of the Republic of Congo and Nigeria to OPEC’s principles, acknowledging their contribution to the African economies’ growth through optimal exploitation of oil resources. He emphasized the significance of their partnership in ensuring the sustainable growth of the African oil sector in line with OPEC’s directives.
The ongoing collaboration between the Republic of Congo, Nigeria, and OPEC, backed by a shared commitment to market stability and growth, stands as a testament to the organization’s pivotal role in shaping the global oil landscape and bolstering the economies of oil-producing nations.
