In the wake of Angola, Africa’s second-largest oil producer, exiting the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s Minister of State for Petroleum, Heineken Lokpobiri, has emphatically reaffirmed the nation’s commitment to OPEC membership.
Mr. Lokpobiri, in a statement on Thursday, asserted that Nigeria remains dedicated to engaging with OPEC to address concerns impacting not only within the nation’s borders but across the entire continent. He highlighted the pivotal role of collaboration within the organization in fostering stability and sustainability in the oil market.
Nigeria, assigned a 2024 production target of 1.5 million barrels per day (bpd), has expressed intentions to surpass this goal by producing at least 1.8 million bpd. The move is indicative of Nigeria’s commitment to shoring up production and revenue from the oil sector.
Angola’s decision to exit OPEC earlier in the week was explained by its Energy Minister, who stated that remaining in the organization no longer served the country’s interests. Angola’s 2024 production quota within OPEC was reduced by oil cartels, cutting daily production from 1.46 million bpd to 1.1 million bpd.
Despite low investment and production challenges in Angola’s oil sector, the nation was granted a five-month extension to demonstrate increased production capacity. Unfortunately, it failed to meet the requirements set by external consultancies and analysts from S&P Global, resulting in the reduction of its production quota.
OPEC’s production quota for Nigeria in 2024 was allocated at 1.5 million bpd, reflecting a decrease from the 1.78 million bpd assigned in 2023. Nigeria has actively sought a daily production quota of 1.8 million barrels as part of its strategic efforts to enhance production and revenue in the oil sector.
As the dynamics within OPEC evolve, Nigeria’s commitment underscores its strategic positioning within the organization despite challenges and fluctuations in the global oil market
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