Eunice Imo Kalu
Lagos — The African Energy Chamber, AEC, ha s lauded the Republic of Congo and Nigeria for their efforts to continue shaping the growth and stability of the global oil industry through cooperation with the Organization of the Petroleum Exporting Countries, OPEC, and its allies, together known as OPEC+.
The Republic of Congo and Nigeria, Africa’s leading oil producers and members of OPEC, have affirmed their commitment to efforts by OPEC and OPEC+ and their member countries to stabilise the global oil market in 2024 and beyond.
During the 36th OPEC and non-OPEC Ministerial meeting held in November, the organisation and its member countries reached an agreement with participating countries over the production quota for 2024.
Bruno Itoua, Minister of Hydrocarbons for the Republic of Congo stated: “The Republic of Congo reaffirms its steadfast commitment to the strategic policy defined by the Secretary-General of OPEC and OPEC+. We strongly support the efforts to stabilise and promote sustainable development of the oil markets, a crucial approach for the future of our sector and the global economy. Furthermore, the Republic of Congo highlights the remarkable harmony prevailing among the members of the OPEC and OPEC+ Ministerial Conference. This harmony reflects our common commitment and shared willingness to work together for mutually beneficial goals. The Republic of Congo is committed to continuing close and constructive collaboration with all member countries. We are determined to foster initiatives that serve the collective interest of the oil industry, while positively contributing to overall economic well-being.”
Nigeria has agreed to a production quota of 1,5 million bpd as from January 2024. The aim is to ensure a stable and balanced oil market at the helm of various factors, including the energy transition and changes in energy consumption patterns, impacting the global oil market and oil-producing countries.
Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum reaffirmed Nigeria’s unwavering commitment to OPEC in addressing the changing dynamics of the global energy sector.
He said: “Our collaboration within the organization remains pivotal in fostering stability and sustainability in the oil market. We are resolute in our dedication to OPEC’s objectives while actively engaging with the organization to address concerns that resonate not only within our nation’s borders but across the entire continent. Nigeria stands ready to contribute constructively to the ongoing dialogue, ensuring that the unique challenges and opportunities of our region are duly recognised and addressed.”
AEC as the voice of the African energy sector, strongly supports the Republic of Congo and Nigeria, for their commitment to foster the growth and stability of both the African and global oil markets through collaborative efforts on market sustainability and expansion with OPEC, OPEC+ and member countries.
For decades, OPEC has positioned itself as a reliable consortium for global oil producing countries such as the Republic of Congo and Nigeria to strengthen upstream operations, local content development and resource monetisation strategies while navigating the shifting global market.
At the same time, the Republic of Congo and Nigeria with the support of OPEC, OPEC+ and member countries have placed themselves as key contributors to global energy security. With substantial proven reserves of approximately 1,811 million barrels and through cooperation with global players such as TotalEnergies, bp, Eni Perenco, Chevron and Kosmos Energy, Congo represents one of the world’s most important oil producers. On the other hand, Nigeria has for decades ranked as Africa’s top producer and one of the world’s most important oil exporters.
AEC believes that with the energy transition taking center stage and global climate policies disrupting the oil industry, at a time African countries maximise oil production and monetisation to address growing energy poverty and demand at global scale while accelerating industrialisation, OPEC has a huge role to play.
Through enhanced cooperation with OPEC and OPEC+ member countries, the AEC is confident that Congo will accelerate oil production and continue to shape the growth of the African industry and resilience of the global market.
NJ Ayuk, the Executive Chairman of the AEC stated: “The Republic of Congo and Nigeria, through cooperation with OPEC, OPEC+ and global member countries, have succeeded in ensuring the sustainable growth of the African oil sector. Their commitment to adhere to principles laid by OPEC to ensure the continued growth of the sector, is a huge testimony of the organization’s obligation and ability to contribute to the growth of African economies on the back of optimal exploitation of oil resources. We welcome and support Nigeria and Congo’s commitment to OPEC and future expansion and stability of the oil sector.”
