The African Energy Chamber (AEC) is urging African oil-producing countries – Algeria, Republic of Congo, Libya, Equatorial Guinea, Gabon and Nigeria – to remain within OPEC, arguing that the organization has provided a stabilizing framework that has helped safeguard the continent’s energy sector through repeated cycles of extreme market volatility.
Since the introduction of the Declaration of Cooperation in December 2016 – implemented from 2017 onward by OPEC and OPEC+ members – the grouping of 24 producing countries has played a central role in restoring balance to global oil markets following the 2014–2016 price collapse, when crude prices fell from above $100 per barrel to below $30. For several African producers, this intervention helped ease fiscal pressure, stabilize export revenues and avoid sharper cuts to upstream spending that would have slowed production growth and delayed key projects.
The importance of that coordination became even clearer during the COVID-19 demand shock in 2020, when global oil consumption fell by more than 30 million barrels per day at its peak. OPEC+ production adjustments were instrumental in supporting a recovery in prices, allowing African producers to maintain budget stability at a time when global demand collapsed almost overnight.
Today, ongoing geopolitical tensions in the Middle East – resulting in blockages of key shipping lanes such as the Strait of Hormuz – have added another layer of uncertainty to global oil flows. This has reinforced the importance of coordinated output management in limiting sharp price spikes and reducing the impact of volatility on emerging producers.
The Chamber notes that African participation in OPEC has also strengthened the continent’s voice in global energy governance. African producers have not only contributed to shaping supply decisions, but also benefited from coordinated efforts to stabilize markets during periods of demand shock and supply imbalance.
The role of key leadership figures has been central to maintaining Africa’s position within the group. HRH Saudi Minister of Energy Prince Abdulaziz bin Salman has been one of the strongest advocates for African energy development, consistently supporting efforts to end energy poverty and attract upstream investment into the continent.
Similarly, OPEC Secretary General Haitham Al Ghais has placed Africa at the center of the organization’s engagement strategy. Under his leadership, African producers have been treated as core contributors to global energy stability, with increased emphasis on investment flows, production resilience and long-term energy access.
“OPEC has been good for Africa,” says NJ Ayuk, Executive Chairman of the AEC. “During periods of severe market instability – from the 2014 price collapse to the COVID demand shock – coordinated action under the Declaration of Cooperation helped stabilize prices, protect revenues and sustain investment in our upstream sector. That stability has been essential for African producers.”
In a global oil market increasingly shaped by cyclical shocks, geopolitical uncertainty and fragmented producer strategies, coordinated frameworks like OPEC remain a critical mechanism for smoothing volatility and protecting smaller, more vulnerable producing economies.
As African countries look to expand production, develop new basins and strengthen fiscal resilience, the Chamber maintains that continued participation in OPEC offers both strategic influence and a stabilizing anchor in an increasingly unpredictable global energy system.
