The executive chairman of the AEC, NJ Ayuk, has expressed confidence that the 2024 global oil market will witness stability following strong and unflinching support offered to the Organization of Petroleum Exporting Countries(OPEC). Ayuk said, through cooperation with OPEC, OPEC+ and global member countries have succeeded in ensuring the sustainable growth of the African oil sector.
Nigeria, Africa’s leading oil producers and member of the OPEC, has affirmed her commitment to efforts by OPEC and OPEC+ and its member countries to stabilise the global oil market in 2024 and beyond. During the 36th OPEC and non-OPEC Ministerial Meeting held in November, the organisation and its member countries, reached an agreement with participating countries over the production quota for 2024. As part of the agreement, Nigeria has agreed to a production quota of 1,500 bpd as from January 202