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Nigeria confirms its commitment to OPEC... and Iraq renews its support for market balance decisions
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Economy News-Follow-up
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Added 12/23/2023 - 10:20 AM
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Economy News-Follow-up
Nigeria reaffirms its commitment to the Organization of the Petroleum Exporting Countries (OPEC), a day after Angola announced it would withdraw from the organization, the Nigerian Minister of State for Petroleum said on Friday.
On Thursday, Angolan Oil Minister Diamantino Azevedo said: His country will withdraw from OPEC because its membership does not serve its interests.
Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared to 28 million barrels per day produced by the entire group.
At this time, Iraqi Oil Ministry spokesman Assem Jihad confirmed Iraq’s support for the OPEC+ coalition’s decisions regarding production levels.
On Friday, the Iraqi News Agency quoted him as saying that the government “is working seriously, through the OPEC+ group, to achieve the required balance and stability in the global oil market to achieve a good level of revenues for the federal treasury.”
He continued, "Thanks to the OPEC+ agreement to reduce production, member states, including Iraq, tried to achieve the highest rates of balance between supply and demand to achieve stability in the global oil market."
He said that in light of this, the government set “a margin for variables in the oil market and expected revenues.” He added, “The policy of the government and the Ministry of Oil aims to reduce the risks of changes in the oil market.”
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Added 12/23/2023 - 10:20 AM
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