Nigeria has affirmed its commitment to OPEC the oil-producer group following the exit of Angola last week.
“We are 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 continent,” Nigerian Minister of State for Petroleum, Heineken Lokpobiri, said in a statement on X, formerly known as Twitter.
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 Nov. 30.
Angola quit the Organization of Petroleum Exporting Countries on Thursday after a dispute over its production quota, shrinking the group’s membership to 12 nations and spurring doubts over its future cohesion.
OPEC and allies are once again curbing output to shore up oil prices, which have slumped almost 20% in three months.
