Nigeria Reaffirms Commitment to OPEC after Angola’s Exit from Oil Cartel

Emmanuel Addeh in Abuja

Nigeria yesterday reiterated its commitment to the Organisation of Petroleum Exporting Countries (OPEC), following the announcement by Angola that it planned to exit the international oil cartel.
There had been a dispute between OPEC and some oil-producing African countries after the group slashed their production quota for 2024.
For instance, Nigeria’s total volume was reduced from the current 1.742 million barrels per day to 1.38 million bpd, even you both parties eventually agreed on 1.5 million bpd for next year.

But in a statement he personally signed, Nigeria’s Minister of State, Petroleum (Oil), Senator Heineken Lokpobiri, said the country’s commitment to OPEC remained unwavering.
The minister without directly referring to the altercation between Angola and OPEC, said Nigeria was sold out to the collective responsibility to nurture a resilient energy landscape being championed by OPEC.

“I am pleased to reaffirm Nigeria’s unwavering commitment to OPEC as we navigate the dynamic landscape of the global energy sector. Our collaboration within the organisation 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 organisation 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,” he added.
As the minister of state for petroleum resources, Lokpobiri said he was committed to fostering a collaborative spirit within OPEC that goes beyond Nigeria’s national interests, recognising the collective responsibility to nurture a resilient energy landscape for the benefit of all member nations and the world at large.