"OPEC nations affirm commitment to group after Angola\u2019s exit"

" OPEC nations affirm commitment to group after Angola\u2019s exit \r\n\r\nOPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week.\r\n\r\n\u201cWe reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,\u201d Congo\u2019s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. \u201cEach member, whether African or not, plays an indispensable role in achieving our shared objectives and in maintaining the balance of the global oil market.\u201d\r\n\r\nAngola quit the Organization of Petroleum Exporting Countries on Thursday after a dispute over its production quota, shrinking the group\u2019s 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.\r\n\r\nAnalysts mostly viewed Luanda\u2019s 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.\r\n\r\n Killing Speculation \r\n\r\nOther OPEC nations issued public statements over the weekend to forestall any speculation.\r\n\r\n\u201cWe are resolute in our dedication to OPEC\u2019s objectives while actively engaging with the organization to address concerns that resonate not only within our nation\u2019s borders but across the continent,\u201d Nigerian Minister of State for Petroleum, Heineken Lokpobiri, said in a statement on X, formerly known as Twitter.\r\n\r\nLike Angola, Nigeria had a disagreement with OPEC\u2019s leaders over its production quota for 2024, though this appeared to be resolved at the group\u2019s latest meeting on Nov. 30.\r\n\r\nIraq, which will need to make some of the group\u2019s biggest supply cuts next month to meet its new quota, confirmed its ongoing support.\r\n\r\nOPEC is trying \u201cto achieve the highest rates of balance between supply and demand to achieve stability in the global oil market,\u201d Oil Ministry spokesman Assem Jihad told the Iraq News Agency. This should result in \u201ca good level of revenue for the federal treasury\u201d of Iraq.\r\n\r\nAngola split from OPEC after 16 years of membership as it rejected a lower output target imposed by the group\u2019s leaders to reflect the country\u2019s diminished capacity. Many other OPEC members have been unable to join in supply curbs as they\u2019ve already lost so much output to under-investment, political instability and sabotage."

"OPEC nations affirm commitment to group after Angola\u2019s exit"

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