Congo pledges commitment to OPEC as Angola sets for exit

Following the intending withdrawal of Angola from the Organization of the Petroleum Exporting Countries, OPEC, the Republic of Congo or Congo Brazzaville has re-pledged its commitment to the oil exporting organisation. The country said it is supporting the strategic policy defined by the Secretary-General of OPEC and OPEC+…

The Republic of Congo has joined its Nigerian counterpart to re-pledge its commitment to the Organization of the Petroleum Exporting Countries (OPEC), barely some days after Angola decided to pull out of the organization.

Congo’s hydrocarbons minister Bruno Jean-Richard Itoua said in a LinkedIn post that “The Republic of Congo reaffirms its steadfast commitment to the strategic policy defined by the Secretary-General of OPEC and OPEC+.”

He stressed that “Congo is committed to continuing close and constructive collaboration with all member countries.”

Recall that the Nigerian government on Friday reaffirmed its commitment to OPEC, with minister of state for petroleum Heineken Lokpobiri emphasizing that his country’s position remained unwavering.

Congo Brazzaville, which became a full member of OPEC in 2018, has set a target of 277,000 barrels per day (bpd) for 2024.

Founded on 14 September 1960 in Baghdad by the first five members, the Organization of the Petroleum Exporting Countries is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit.

OPEC’s net oil export revenue was forecast to reach 656 billion U.S. dollars in 2023, a decrease from 2022. In 2022, figures reached 888 billion U.S. dollars.