Nigeria Reaffirms OPEC Membership Amid Angola’s Exit

The Minister of State for Petroleum, Heineken Lokpobiri, has reiterated Nigeria’s commitment to remaining a part of the Organisation of Petroleum Exporting Countries (OPEC). This declaration follows Angola’s recent exit from the oil cartel, which was announced earlier in the week.

In a statement released on Thursday, Mr. Lokpobiri emphasized Nigeria’s intent to maintain engagement with OPEC to address the country’s concerns while staying aligned with the group’s objectives.

“Our collaboration within the organization remains pivotal in fostering stability and sustainability in the oil market,” Lokpobiri affirmed in the statement. “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.”

Nigeria’s 2024 production target within OPEC was set at 1.5 million barrels per day (bpd), but the nation has expressed its intent to exceed this by aiming for at least 1.8 million bpd.

Angola’s decision to withdraw from OPEC stemmed from the belief that continued membership no longer served the country’s interests. The Angolan Energy Minister highlighted, “We feel that … Angola currently gains nothing by remaining in the organization and, in defence of its interests, decided to leave.”

Angola’s 2024 production quota was reduced by oil cartels from 1.46 million bpd to 1.1 million bpd. Despite being granted a five-month extension to bolster its production capacity, Angola failed to meet the outlined targets.

For Nigeria, OPEC had allocated a production quota of 1.5 million bpd for 2024, a decrease from 1.78 million bpd in 2023. However, Nigeria aims to push its daily production to 1.8 million barrels, seeking to enhance its oil production and revenue from the sector.