The AEC welcomes OPEC decision to raise oil production

June 23, 2018

Vienna – June 23, 2018: The AEC welcomes the agreement of the Organization of Oil Exporting Countries (OPEC) by which its members, and the members of the Declaration of Cooperation (DOC), will strive to adhere to the overall production adjustment conformity level agreed upon in November 2016, targeting a conformity level of 100% as of July 1st, 2018. As of May 2018, conformity levels were at 152% for OPEC member countries and 147% for the members of the DOC.

The AEC acknowledges the role played by OPEC in bringing back stability to global commodity prices and rebalancing the market, and recognizes that such efforts and engagement by OPEC have been central to improving market conditions and investment sentiment across Africa’s hydrocarbons value chain.

Finally, the AEC also recognizes the strong participation of African states in OPEC’s 7th International Seminar and the 4th OPEC and non-OPEC Ministerial Meeting, which saw the attendance of ministerial delegations and representatives from Nigeria, Algeria, Egypt, Angola, Gabon, Equatorial Guinea, South Africa, Republic of Congo, Uganda, Sudan and Chad.