By way of Group Of The Petroleum Exporting International locations (OPEC) Cooperation
The African Vitality Chamber strongly helps the Republic of Congo and Nigeria of their efforts to proceed shaping the expansion and stability of the worldwide oil trade by cooperation with OPEC, OPEC+ and member nations
The Republic of Congo and Nigeria, Africa’s main oil producers and members of the Group of the Petroleum Exporting International locations (OPEC), have affirmed their dedication to efforts by OPEC and OPEC+ and its member nations to stabilize the worldwide oil market in 2024 and past.
Through the thirty sixth OPEC and non-OPEC Ministerial Assembly held in November, the group and its member nations, reached an settlement with taking part nations over the manufacturing quota for 2024. As a part of the settlement, the Republic of Congo will goal a manufacturing quota of 277 billion barrels of crude oil per day (bpd). Concurrently, Nigeria has agreed to a manufacturing quota of 1,500 bpd as from January 2024. The purpose is to make sure a secure and balanced oil market on the helm of assorted components, together with the vitality transition and modifications in vitality consumption patterns, impacting the worldwide oil market and oil-producing nations.
“The Republic of Congo reaffirms its steadfast dedication to the strategic coverage outlined by the Secretary-Basic of OPEC and OPEC+. We strongly assist the efforts to stabilize and promote sustainable growth of the oil markets, an important method for the way forward for our sector and the worldwide financial system. Moreover, the Republic of Congo highlights the outstanding concord prevailing among the many members of the OPEC and OPEC+ Ministerial Convention,” acknowledged Bruno Itoua, Minister of Hydrocarbons for the Republic of Congo, including that “This concord displays our frequent dedication and shared willingness to work collectively for mutually helpful objectives. The Republic of Congo is dedicated to persevering with shut and constructive collaboration with all member nations. We’re decided to foster initiatives that serve the collective curiosity of the oil trade, whereas positively contributing to total financial well-being.”
Sen. Heineken Lokpobiri, Minister of State for Petroleum, Nigeria reaffirmed Nigeria’s unwavering dedication to OPEC in addressing the altering dynamics of the worldwide vitality sector. He mentioned “Our collaboration inside the group stays pivotal in fostering stability and sustainability within the oil market. We’re resolute in our dedication to OPEC’s goals whereas actively partaking with the group to handle considerations that resonate not solely inside our nation’s borders however throughout the whole continent. Nigeria stands able to contribute constructively to the continuing dialogue, making certain that the distinctive challenges and alternatives of our area are duly acknowledged and addressed.”
The African Vitality Chamber (AEC), because the voice of the African vitality sector, strongly helps the Republic of Congo and Nigeria, for his or her dedication to foster the expansion and stability of each the African and world oil markets by collaborative efforts on market sustainability and enlargement with OPEC, OPEC+ and member nations.
For many years, OPEC has positioned itself as a dependable consortium for world oil producing nations such because the Republic of Congo and Nigeria to strengthen upstream operations, native content material growth and useful resource monetization methods whereas navigating the shifting world market. On the identical time, the Republic of Congo and Nigeria with the assist of OPEC, OPEC+ and member nations have positioned themselves as key contributors to world vitality safety. With substantial confirmed reserves of roughly 1,811 million barrels and thru cooperation with world gamers corresponding to TotalEnergies, bp, Eni Perenco, Chevron and Kosmos Vitality, Congo represents one of many world’s most necessary oil producers. On the hand, Nigeria has for many years ranked as Africa’s high producer and one of many world’s most necessary oil exporters.
The Chamber believes that with the vitality transition taking middle stage and world local weather insurance policies disrupting the oil trade, at a time African nations maximize oil manufacturing and monetization to handle rising vitality poverty and demand at world scale whereas accelerating industrialization, OPEC has an enormous function to play. By way of enhanced cooperation with OPEC and OPEC+ member nations, the Chamber is assured that Congo will speed up oil manufacturing and proceed to form the expansion of the African trade and resilience of the worldwide market.
“The Republic of Congo and Nigeria, by cooperation with OPEC, OPEC+ and world member nations, have succeeded in making certain the sustainable development of the African oil sector. Their dedication to stick to ideas laid by OPEC to make sure the continued development of the sector, is a big testimony of the group’s obligation and talent to contribute to the expansion of African economies on the again of optimum exploitation of oil assets. We welcome and assist Nigeria and Congo’s dedication to OPEC and future enlargement and stability of the oil sector,” acknowledged NJ Ayuk, the Govt Chairman of the AEC.
Distributed by APO Group on behalf of African Vitality Chamber.
