OPEC Moves To Stabilize Oil Market

afimag.com –

The Organization of Petroleum Exporting Countries, OPEC, has taken giant strides towards Stabilizing petroleum products at global market.

The decision to establish and sustain a stabilise oil market formed a basis of discourse at the 36th OPEC and non-OPEC ministerial meeting held via video conference with participating countries.

The Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda disclosed this to our Correspondent in Abuja at the end of a virtual meeting.

According to Amb. Gabriel, the meeting addresses crucial aspects, including the completion of assessments by independent sources on the projected production levels for Angola, Congo, and Nigeria in 2024.

The Permanent Secretary said the assessments concluded production estimates at 1,110 barrels per day for Angola, 277 thousand barrels per day for Congo, and 1,500 barrels per day for Nigeria, in alignment with prior decisions set forth during the 35th Opec and non-OPEC Ministerial Meeting.

On the forthcoming 37th OPEC and non-OPEC Ministerial Meeting, Ambassador Aduda said the gathering would decisively dispel 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, foster stability, and foster sustainable growth within the petroleum industry.