Nigeria had through its junior minister, reassured OPEC of its commitment to the organisation on Friday. This is coming a day after Angola said it would exit the Saudi-led oil manufacturing group that has in recent months sought to rally support for more output cuts to prop up prices.
Africa’s largest oil producer, Nigeria and Angola, were among the many countries given reduced output targets for 2024 after years of failing to meet the previous targets.
On Thursday, Angola revealed that OPEC was no longer serving its interests.
This appears to be different for Nigeria as its Minister of State for Petroleum, Heineken Lokpobiri had said in a statement that the country’s commitment to OPEC remained steadfast.
“Our partnership within the organisation remains key in fostering stability and sustainability in the oil market,” Lokpobiri was quoted to have said.
“We are determined in our commitment to OPEC’s objectives while actively engaging with the organisation to address the worries that resonate not only within our country’s borders but across the whole continent.”
Nigeria had been given a 2024 target of producing 1.5 million barrels per day (bpd) but the country has said that it plans to produce at least 1.8 million bpd.
