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The Republic of Congo and Nigeria, Africa’s leading oil producers and members of the Organization of the Petroleum Exporting Countries (OPEC), have affirmed their commitment to efforts by OPEC and OPEC+ and its member countries to stabilize the global oil market in 2024 and beyond.
During the 36th OPEC and non-OPEC Ministerial Meeting held in November, the organization and its member countries reached an agreement with participating countries over the production quota for 2024. As part of the agreement, the Republic of Congo will target a production quota of 277 billion barrels of crude oil per day (bpd). Simultaneously, Nigeria has agreed to a production quota of 1,500 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.
“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 stabilize 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,” stated Bruno Itoua, Minister of Hydrocarbons for the Republic of Congo, adding that “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.”
Sen. Heineken Lokpobiri, Minister of State for Petroleum, Nigeria 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 recognized and addressed.”
The African Energy Chamber (AEC), as the voice of the African energy sector, strongly supports the Republic of Congo and Nigeria, for their commitment to fostering 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 monetization 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 hand, Nigeria has for decades ranked as Africa’s top producer and one of the world’s most important oil exporters.
The Chamber believes that with the energy transition taking center stage and global climate policies disrupting the oil industry, at a time when African countries maximize oil production and monetization to address growing energy poverty and demand at a global scale while accelerating industrialization, OPEC has a huge role to play. Through enhanced cooperation with OPEC and OPEC+ member countries, the Chamber is confident that Congo will accelerate oil production and continue to shape the growth of the African industry and the resilience of the global market.
“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 to 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,” stated NJ Ayuk, the Executive Chairman of the AEC.