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Nigeria’s Commitment To OPEC Will Ensure Stability –AEC

The Executive Chairman of the African Energy Chambers (AEC), NJ Ayuk, has expressed confidence that 2024 global oil market will witness stability following strong and unflinching support offered to the Organization of Petroleum Exporting Countries, (OPEC) by Nigeria and others.

Ayuk, said through cooperation with OPEC, OPEC+ and global member countries, has succeeded in ensuring the sustainable growth of the African oil sector.

Nigeria, Africa’s leading oil producers and member of the OPEC, has affirmed her 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, 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.

Sen. Heineken Lokpobiri, Minister of State for Petroleum, reaffirmed Nigeria’s unwavering commitment to OPEC in addressing the changing dynamics of the global energy sector.

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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.”

“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 continent,” Lokpobiri said in a statement on X, formerly known as Twitter.

Like Angola, Nigeria had a disagreement with OPEC’s leaders over its production quota for 2024, though this appeared to be resolved at the group’s latest meeting on November 30.

Source: blueprint

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