The Minister of State for Petroleum, Heineken Lokpobiri, has reaffirmed the nation’s commitment to the membership of the Organisation of Petroleum Exporting Countries (OPEC) after Angola, Africa’s second-largest oil producer exited the cartel.
Mr. Lokpobiri disclosed this in a statement on Thursday where he stated that Nigeria will continue to engage with the group to address the country’s concerns.
He said,
Earlier in the week, Angola announced its exit from OPEC saying the group no longer served the country’s interest.
The country’s energy Minister said,
Angola’s oil sector has seen low investment resulting in low production. The nation was provided with a five-month extension to showcase increased production capacity to two external consultancies and analysts from S&P Global, aiming to avoid a reduction in its quota. However, it failed to do so.
OPEC had also in its production quota for 2024 allocated 1.5 million bpd for Nigeria– a drop from the 1.78 million bpd in 2023.
Nigeria has sought a daily production quota of 1.8 million barrels as it wants to shore up production and revenue from the sector.
