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Nigerian minister says country committed to OPEC — Reuters

On Thursday, Angola’s oil minister Diamantino Pedro Azevedo said that the country would withdraw from OPEC, the decision was made at the meeting of the Council of Ministers headed by President of Angola Joao Lourenco

NAIROBI, December 22. /TASS/. Nigeria is still committed to OPEC despite the position of Angola, which said earlier that it would leave the cartel, Reuters reported citing Nigeria's minister of state for petroleum Heineken Lokpobiri.

"Our collaboration within the organization remains pivotal in fostering stability and sustainability in the oil market. 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 said.

Africa's biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters said. Nigeria was given a 2024 target of 1.5 million barrels per day (bpd) but says it plans to produce at least 1.8 million bpd.

On Thursday, Angola’s oil minister Diamantino Pedro Azevedo said that the country would withdraw from OPEC. The decision was made at the meeting of the Council of Ministers headed by President of Angola Joao Lourenco.

The country’s disagreement with OPEC production quotas was behind the move, Azevedo said. If Angola remains in OPEC, it would be affected by consequences of the decision to observe production quotas, the minister said, adding that the country would have to reduce production in such case.

Angola is currently the second-largest oil producer in sub-Saharan Africa after Nigeria. The country produces around 1.1 mln barrels of oil per day.