July 25, 2024
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Angola Exit: Nigeria Reaffirms Commitment to OPEC

Nigeria on Friday reaffirmed its commitment to OPEC, a day after Angola said it would leave the Saudi-led oil producer group that has in recent months sought to rally support for more output cuts to prop up 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.

Energy Afrique reports that Angola has announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC) due to disagreements over production quotas.

But Nigeria’s minister of state for petroleum Heineken Lokpobiri said in a statement that the country’s commitment to OPEC remained unwavering.

Reuters quoted Lokpobiri saying “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 was given a 2024 target of 1.5 million barrels per day (bpd) but says it plans to produce at least 1.8 million bpd.

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