APA – Lagos (Nigeria)
The 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), which was held via videoconference, on Thursday, November 30, 2023, has said that Angola, Congo and Nigeria can achieve new production levels in 2024.
According to the statement by the OPEC Secretariat after the meeting, the decision followed the completion of the assessment by three independent sources (IHS, Wood Mackenzie and Rystad Energy) for the production level of the three countries – 1,110 t/bd for Angola, Congo – 277 t/bd and Nigeria – 1,500 t/bd.
It added that the Meeting welcomed Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the OPEC+ Charter of Cooperation starting in January 2024.
The statement also stated that the Meeting reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market. In view of current oil market fundamentals,
The Meeting reaffirmed the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings including the 35th OPEC and Non-OPEC Ministerial Meeting on 4 June 2023; as well as the Charter of Cooperation, signed on 2 July 2019.
“The 37th OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna,” the statement added.
GIK/APA