Emmanuel OchayiFollowing Angola’s withdrawal from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria has reiterated its allegiance to OPEC while vowing to surpass production targets set by the organisation in 2024.
Addressing concerns about membership in OPEC, the country’s Minister of State for Petroleum, Heineken Lokpobiri, stated: “Our collaboration within the organization remains pivotal in fostering stability and sustainability in the oil market.”
He added, “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.”
READ ALSO: Africa’s Second-biggest Crude Producer, Angola, Leaves OPEC After 16 Years
Nigeria assigned a 2024 production target of 1.5 million barrels per day (bpd) by OPEC, has declared intentions to exceed this goal, aiming for at least 1.8 million bpd.
Angola’s decision to exit OPEC stemmed from a perceived lack of benefits, highlighted by the country’s Energy Minister who remarked, “Angola currently gains nothing by remaining in the organization and, in defense of its interests, decided to leave.”
This exit followed a reduction in Angola’s 2024 production quota from 1.46 million bpd to 1.1 million bpd by the oil cartels.
Angola’s struggle with low investment in its oil sector has resulted in diminished production, leading to the country failing to showcase increased capacity as required for quota retention, despite a five-month extension provided by OPEC.
Notably, Nigeria, whose 2024 production quota was set at 1.5 million bpd by OPEC, down from 1.78 million bpd in 2023, is seeking to expand its production capacity to boost revenue from the sector.
The Minister stressed the nation’s ambition, aiming to exceed the assigned quota in pursuit of enhancing production and revenue.
As Nigeria navigates its commitment to OPEC amidst Angola’s departure, the nation’s aspirations for increased production signify a shift in oil dynamics within the organization, prompting discussions on the balance between individual member interests and collective objectives.
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