• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

OPEC nations affirm commitment to group after Angola’s exit

2 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
490
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

OPEC nations affirm commitment to group after Angola’s exit

OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week.

“We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. “Each member, whether African or not, plays an indispensable role in achieving our shared objectives and in maintaining the balance of the global oil market.”

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.

Analysts mostly viewed Luanda’s exit as an isolated case, a sign that a long-running decline in its production capabilities had rendered the country a less effective OPEC member. Traders expect fresh OPEC+ output cuts will still go into effect as planned next month.

Killing Speculation

Other OPEC nations issued public statements over the weekend to forestall any speculation.

RelatedPosts

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama

GSE Closes Slightly Lower as Composite Index Falls 0.25%

Producer Price Inflation Rises Marginally to 3.2% in September 

“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.

Iraq, which will need to make some of the group’s biggest supply cuts next month to meet its new quota, confirmed its ongoing support.

OPEC is trying “to achieve the highest rates of balance between supply and demand to achieve stability in the global oil market,” Oil Ministry spokesman Assem Jihad told the Iraq News Agency. This should result in “a good level of revenue for the federal treasury” of Iraq.

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 have been unable to join in supply curbs as they’ve already lost so much output to under-investment, political instability and sabotage.

Tags: Angola’s exitOPECOPEC nations affirm commitment to group after Angola’s exit
No Result
View All Result

Highlights

LaLiga Cancels Barcelona vs. Villarreal Match Scheduled to Take Place in Miami

Black Queens Coach Confident Ahead Of WAFCON Qualifier Against Egypt

UEFA Champions League: Bayern and Real Madrid Stay Perfect, Liverpool and Chelsea hit Five In Record-Breaking Week

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

Trending

Business

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama

October 23, 2025

PIAC yet to see Restoration of Funding Under ABFA Despite Assurance from President Mahama The Public Interest...

GSE Closes Slightly Lower as Composite Index Falls 0.25%

October 23, 2025

Producer Price Inflation Rises Marginally to 3.2% in September 

October 23, 2025

LaLiga Cancels Barcelona vs. Villarreal Match Scheduled to Take Place in Miami

October 23, 2025

Black Queens Coach Confident Ahead Of WAFCON Qualifier Against Egypt

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.