ADUDA EMERGES ALTERNATE CHAIRMAN FOR THE OPEC BOARD OF GOVERNORS FOR THE YEAR 2024.
The 36th OPEC and Non-OPEC Ministerial Meeting, ONOMM held on the 30th November, 2023 witnessed eventful and attainable significant strides toward the maintenance of a stable and balanced oil market.
The meeting was further described as remarkable particularly with entrance of Brazil announcing its forthcoming inclusion into the OPEC+ Charter of Cooperation, effective from January 2024.
This announcement drew a resounding welcome from member nations to the presence of the Minister of Mines and Energy of the Federative Republic of Brazil, H.E, Alexandre Silveira de Oliveira
Emphasizing a steadfast commitment to the Declaration of Cooperation (DoC), the Participating Countries reaffirmed their dedication to the framework established since its inception on December 10, 2016.
This 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 2, 2019. A statement issued and signed by the Deputy Director, Press and Public Relations of the Ministry of Petroleum Resources, Oluwakemi Ogunmakinwa (Mrs) on behalf of the Permanent Secretary revealed.
The statement further disclosed that "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.
"His Excellency Minister Mohammed 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." The statement concluded.
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