By: Nghiinomenwa-vali Erastus
Angola and Nigeria have expressed their intent to defy the directives by the Organisation of the Petroleum Exporting Countries and Allies (OPEC+) urging member states to reduce oil production in an attempt to stabilise the market.
The Ministry of Mines and Energy (MME), in its latest Fuel Price Review Announcement, confirmed this stance, echoing concerns also reported by Reuters.
Over the past month, international oil prices experienced a 1.5% decline, fueled by uncertainties surrounding crude oil production targets within OPEC. Brent crude traded below US$90.
According to the Ministry, global oil prices have recently witnessed declines, primarily attributed to significant disparities in crude oil production targets among OPEC members.
“The disharmony in OPEC has mainly been influenced by the demand of two African member states who would like to have their crude oil production quotas increased,” the Ministry said in a statement issued this week.
After its June meeting, OPEC+ decided that the 2024 output quotas for Angola, Nigeria, and Congo would be contingent on reviews conducted by external analysts.
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