NJ Ayuk, the executive chairman of the AEC, is optimistic that the Organization of Petroleum Exporting Countries (OPEC) would get resolute support, leading to stability in the global oil market by 2024.
According to Ayuk, member nations of OPEC, OPEC+, and the international community have collaborated to guarantee the oil sector’s sustainable expansion in Africa.
Nigeria, one of OPEC’s members and one of Africa’s top oil producers, has reaffirmed her support for OPEC, OPEC+, and its member nations’ efforts to stabilize the world oil market by 2024 and beyond.
A production limit for 2024 was agreed upon by the organization and its member countries during the 36th OPEC and non-OPEC Ministerial Meeting, which took place in November.
Nigeria has committed to a 1,500 bpd production cap starting in January 2024 as part of the accord.
The goal is to maintain a stable and balanced oil market in the face of multiple factors that affect the global oil market and oil-producing nations, such as the energy transition and shifts in energy consumption patterns.
Sen. Heineken Lokpobiri, Minister of State for Petroleum, reiterated Nigeria’s steadfast dedication to OPEC in light of the evolving global energy landscape.
“Our internal cooperation within the organization is still essential to promoting stability and sustainability in the oil market,” he stated. We are unwavering in our commitment to OPEC’s goals and actively collaborating with the organization to address issues that are relevant not just inside the borders of our country but also internationally.
Nigeria is prepared to make a positive contribution to the current conversation, making sure that the special opportunities and difficulties faced by our region are appropriately acknowledged.
In a statement posted on X, formerly known as Twitter, Lokpobiri said, “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 continent.”
Similar to Angola, Nigeria’s production quota for 2024 caused dispute with OPEC leaders; but, during the group’s most recent meeting on November 30, the issue seemed to have been settled.
For many years, Nigeria and other major oil-producing nations have looked to OPEC as a dependable alliance to support their upstream activities, local content creation, and resource monetization plans as they navigate the constantly changing global market.
In the meantime, Nigeria has established herself as a major player in ensuring the security of the world’s energy supply with the backing of OPEC, OPEC+, and member nations.
Nigeria has been one of the major oil exporters in the world and Africa’s leading producer for many years.
The chamber feels that OPEC has a significant role to play in the energy transition, which is taking center stage and upending the oil industry at a time when African nations are maximizing oil production and monetization to address growing energy poverty and demand globally while accelerating industrialization.
The Chamber is optimistic that Congo will increase oil production and continue to influence the expansion of the African economy and the robustness of the global market through improved collaboration with OPEC and OPEC+ member nations.
Nigeria has been able to ensure the sustainable growth of the African oil sector through cooperation with OPEC, OPEC+, and global member countries, according to NJ Ayuk, the executive chairman of the African Economic Community (AEC). He further stated that the organization’s ability to support the growth of African economies through the optimal exploitation of oil resources is demonstrated by its commitment to upholding the principles set forth by OPEC.