Nigeria Commits to OPEC After Angola Exit 

By Adedapo Adesanya

Nigeria has committed to remain in the Organisation of the Petroleum Exporting Countries (OPEC) after the exit of Angola stirred worries about the future of the cartel.

Angola quit the group on Thursday after a dispute over its production quota, shrinking the group’s membership to 12 nations and spurring doubts over its future cohesion.

While this raised issues about the future of the group, Nigeria will not be leaving OPEC anytime soon, the Nigerian Minister of State for Petroleum, Heineken Lokpobiri, said in a statement on X, formerly known as Twitter.

“I am pleased to reaffirm Nigeria’s unwavering commitment to OPEC as we navigate the dynamic landscape of the global energy sector. Our collaboration within the organisation remains pivotal in fostering stability and sustainability in the oil market,” he said.

He added that Nigeria is “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 stands ready to contribute constructively to the ongoing dialogue, ensuring that the unique challenges and opportunities of our region are duly recognized and addressed.”

Angola split from OPEC after 16 years of membership as it rejected a lower output target imposed by the group’s leaders to reflect the country’s diminished capacity.

Many other OPEC members, including Nigeria, have been unable to join in supply curbs as they’ve already lost so much output to under-investment, political instability and oil theft.

Like Angola, Nigeria had a disagreement with OPEC’s leaders over its production quota for 2024, though this appeared to be resolved at the group’s latest meeting on November 30.

“As the Minister of State for Petroleum Resources, I am committed to fostering a collaborative spirit within OPEC that goes beyond our national interests, recognizing the collective responsibility to nurture a resilient energy landscape for the benefit of all member nations and the world at large,” Mr Lokpobiri added.

Other OPEC nations like Iraq and the Republic of Congo have also affirmed their commitment to the oil-producer group.