https://en.sputniknews.africa/20231223/nigeria-reaffirms-its-support-for-opec-after-angolas-decision-to-leave-the-organization-1064265480.html
Nigeria Reaffirms Its Support for OPEC After Angola's Decision to Leave the Organization
Nigeria Reaffirms Its Support for OPEC After Angola's Decision to Leave the Organization
Sputnik Africa
Angola said on Thursday it would leave OPEC over a disagreement on production quotas after the organization decided last month to further slash output next... 23.12.2023, Sputnik Africa
2023-12-23T13:05+0100
2023-12-23T13:05+0100
2023-12-23T13:05+0100
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Nigeria reaffirms its support for the Organization of the Petroleum Exporting Countries (OPEC), the country's Petroleum Resources Minister, Heineken Lokpobiri said.The announcement came shortly after Angola said on Thursday it would leave OPEC over a disagreement on production quotas, following the oil cartel's decision last month to further cut output next year.Nigeria, along with Angola, delayed negotiations on the issue at the November OPEC ministerial meeting as the countries expressed dissatisfaction with their production quotas.Nigeria's 2024 target is 1.5 million barrels per day (bpd) but the West African country reportedly expects to produce at least 1.8 million bpd.
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angola, nigeria, organization of petroleum exporting countries (opec), oil, petroleum, west africa
Nigeria Reaffirms Its Support for OPEC After Angola's Decision to Leave the Organization
Angola said on Thursday it would leave OPEC over a disagreement on production quotas after the organization decided last month to further slash output next year, state media TPA reported.
Nigeria reaffirms its support for the Organization of the Petroleum Exporting Countries (OPEC), the country's Petroleum Resources Minister, Heineken Lokpobiri said.
"I am pleased to reaffirm Nigeria's continued commitment to OPEC as we navigate the dynamic landscape of the global energy sector. [...] Our collaboration within the organization remains pivotal in fostering stability and sustainability in the oil market," he noted.
The announcement came shortly after Angola said on Thursday it would leave OPEC over a disagreement on production quotas, following the oil cartel's decision last month to
further cut output next year.
Nigeria, along with Angola, delayed negotiations on the issue at the November OPEC ministerial meeting as the countries
expressed dissatisfaction with their production quotas.
Nigeria's 2024 target is 1.5 million barrels per day (bpd) but the West African country reportedly expects to produce at least 1.8 million bpd.
"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," Lokpobiri highlighted.
