In a significant development following the 36th OPEC and Non-OPEC Ministerial Meeting held in Vienna, Austria, Nigeria’s crude oil production for the year 2024 has been officially capped at 1.5 million barrels per day. This announcement, a key outcome of the high-profile meeting that concluded on Thursday, underscores the concerted efforts of participating OPEC member states, including Nigeria, to ensure stability and balance in the global oil market.
According to Oluwakemi Ogunmakinwa, Deputy Director and Head of the Press and Public Relations Unit in the Ministry of Petroleum Resources, the meeting, attended by the Ministry’s Permanent Secretary, Ambassador Gabriel Aduda, showcased substantial progress in achieving a stable and balanced oil market. Participating countries reiterated their commitment to the Declaration of Co-operation, emphasizing their dedication to the framework established since its inception on December 10, 2016.
This commitment, consistently endorsed in various meetings, including the 35th OPEC and Non-OPEC Ministerial Meeting in June of the current year, has been further solidified through the Charter of Co-operation ratified by the member countries on July 2, 2019.
The 36th OPEC and Non-OPEC Ministerial Meeting also addressed critical aspects of the organization’s operational mandate, including the completion of assessments by independent sources on the 2024 projected production levels for Angola, Congo, and Nigeria. The assessments, as disclosed by the Ministry, indicated production estimates of 1.11 million barrels per day for Angola, 277 thousand barrels per day for Congo, and 1.5 million barrels per day for Nigeria. These figures align with previous decisions set forth at the 35th OPEC and Non-OPEC Ministerial Meeting held in June.
An additional highlight from the meeting was the warm reception accorded to the Brazilian Minister of Mines and Energy, Alexandre Silveira de Oliveira. Brazil, having announced its forthcoming inclusion in the OPEC+ Charter of Co-operation, is set to become a member with effect from January 2024.
Looking ahead, the release informed that the 37th OPEC and Non-OPEC Ministerial Meeting is scheduled for Vienna, Austria, on June 1, 2024.
In a related development, Ambassador Gabriel Aduda, OPEC Governor of Nigeria and Permanent Secretary in the Ministry of Petroleum Resources, has emerged as the Alternate Chairman of the OPEC Board of Governors for the year 2024. This significant decision was announced during the 187th meeting of the Conference of OPEC members, where Libya’s Mohammed Oun was declared Chairman of the Board for the incoming year.
The release emphasized that the gathering took the opportunity to dispel any speculations of discord among OPEC countries regarding the acceptance of the 2024 crude oil production quotas. The quotas are aimed at fortifying market dynamics, fostering stability, and ensuring sustainable growth within the industry.
