36th OPEC+ Ministerial Meeting Dispels Speculation on 2024 Production Quota
Chika Eze, Abuja
The 36th OPEC and non-OPEC Ministerial Meeting (ONOMM) convened on November 30, 2023, in Vienna, Austria, has made some significant strides towards maintaining a stable and balanced oil market.
A statement issued on Friday by the Deputy Director, Press and Public Relations, Federal Ministry of Petroleum Resources, Ouwakemi Ogunmakinwa said, the meeting
emphasised the commitment to the Declaration of Cooperation (DoC).
The Participating Countries reaffirmed their dedication to the framework established since its inception on December 10, 2016.
Ogunmakinwa said that the commitment has been consistently endorsed in subsequent meetings, notably at the 35th OPEC and Non-OPEC Ministerial Meeting on June 4, 2023, and further solidified through the Charter of Cooperation ratified on July
The meeting addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola, Congo, and Nigeria in 2024.
The assessments concluded production estimates at 1,110 t/bd for Angola, 277 t/bd for Congo, and 1,500 t/bd for Nigeria, in alignment with prior decisions set forth during the 35th OPEC and non-OPEC Ministerial Meeting.
Looking ahead, the 37th OPEC and non-OPEC Ministerial Meeting is scheduled to take place on June 1, 2024, in Vienna.
In parallel, during the 187th meeting of the conference of OPEC members, crucial appointments were announced.
Minister Mohammmed Oun from Libya was appointed as the Chairman of the OPEC Board of Governors for the year 2024, accompanied by Ambassador Gabriel Aduda, OPEC Governor of Nigeria, who assumes the role of Alternate Chairman for the OPEC Board of Governors for the year 2024.
This gathering decisively dispelled speculations of discord among OPEC countries regarding the acceptance of their 2024 quotas, culminating in a successful outcome that is expected to fortify market dynamics, fostering stability and sustainable growth within the industry.
