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What Is Outcome of OPEC+ Meeting for Africa?
What Is Outcome of OPEC+ Meeting for Africa?
Sputnik Africa
Three African OPEC members, namely Angola, the Republic of Congo and Nigeria, will be able to maintain production within the maximum of their OPEC quotas for 2023 despite OPEC's production cut plans.
2023-06-05T14:23+0200
2023-06-05T14:23+0200
2023-06-05T18:48+0200
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Three African members of the Organization of the Petroleum Exporting Countries (OPEC), namely Angola, Republic of the Congo, and Nigeria, will be able to maintain production within the maximum of their OPEC quotas for 2023 despite OPEC's production cut plans.On Sunday, at the 35th meeting of the OPEC Joint Ministerial Monitoring Committee in Vienna, Austria, the world's major oil exporting countries that make up OPEC+ agreed on production cuts to stabilize oil prices in the global market.In addition, oil producer Saudi Arabia agreed to an additional voluntary cut of one million barrels per day. The main outcome of Sunday's meeting of the 23-member OPEC+ bloc was the extension of voluntary cuts until 2024.Although Nigeria's crude oil production peaked in February 2023, it can increase production up to its current OPEC quota of 1.74 million barrels per day, which is then capped at 10% below its 2024 quota.The Nigerian delegation to the OPEC+ meeting in Vienna reportedly said that ongoing security measures taken by the government of newly elected Nigerian President Ahmed Bola Tinubu could allow the West African nation to return to a production rate of 1.58 million barrels per day, along with about 400,000 barrels per day of condensate.These factors could result in Nigeria's crude oil and condensate production reaching approximately two million barrels per day by 2024.Prior to the OPEC+ meeting, global crude oil prices were already on the rise, with Brent Crude rising to $76.32 per barrel on Friday afternoon, an increase of $2.06 per barrel. As of Monday, the price of Brent Crude has jumped above $77.50 per barrel.
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What Is Outcome of OPEC+ Meeting for Africa?
14:23 05.06.2023 (Updated: 18:48 05.06.2023) Muhammad Nooh Osman
Writer/Editor
The oil and energy ministers of the 23-nation OPEC+ bloc agreed on Sunday to extend voluntary production cuts by one year, until the end of 2024, in a bid to stabilize oil prices on the world market.
Three African members of the Organization of the Petroleum Exporting Countries (OPEC), namely Angola, Republic of the Congo, and Nigeria, will be able to maintain production within the maximum of their OPEC quotas for 2023 despite OPEC's production cut plans.
On Sunday, at the 35th meeting of the OPEC Joint Ministerial Monitoring Committee in Vienna, Austria, the world's major oil exporting countries that make up OPEC+
agreed on production cuts to stabilize oil prices in the global market.
In addition, oil producer Saudi Arabia agreed to an additional voluntary cut of one million barrels per day. The main outcome of Sunday's meeting of the 23-member OPEC+ bloc was the extension of
voluntary cuts until 2024.
In Angola, Nigeria, and Congo, who have long been producing below their allowed levels, the production base for determining their quota in 2024 will be the highest production in the last six months from November 2022 to April 2023.
Although Nigeria's crude oil production peaked in February 2023, it can increase production up to its current OPEC quota of 1.74 million barrels per day, which is then capped at 10% below its 2024 quota.
The Nigerian delegation to the OPEC+ meeting in Vienna reportedly said that ongoing security measures taken by the government of newly elected Nigerian President Ahmed Bola Tinubu could allow the West African nation to return to a production rate of 1.58 million barrels per day, along with about 400,000 barrels per day of condensate.
These factors could result in Nigeria's crude oil and condensate production
reaching approximately two million barrels per day by 2024.
Prior to the OPEC+ meeting, global crude oil prices were already on the rise, with Brent Crude rising to $76.32 per barrel on Friday afternoon, an increase of $2.06 per barrel. As of Monday, the price of Brent Crude has jumped above $77.50 per barrel.
