This week, H.E. Bruno Jean-Richard Itoua, the Republic of Congo’s Minister of Hydrocarbons and the 2022 President for the Organization of Petroleum Exporting Countries (OPEC), led the oil cartel’s first in-person meeting since the onset of the COVID-19 pandemic. Held in Vienna on Wednesday October 5, the meeting saw a number of decisions made that are set to create increased market stability in Africa.
For his part, H.E. Bruno Itoua has and continues to demonstrate his commitment to ushering in a new era of market stability for Africa. While the COVID-19 pandemic brought in significant market disruptions, new challenges introduced by the Russia-Ukraine conflict have resulted in price volatility worldwide. Now, with fears of a global economic recession, oil prices have dropped to approximately $90 from $120 seen three months ago. To mitigate these challenges and ensure improved stability in the market, OPEC made the decision to reduce production by two million barrels per day, and with the decision, oil prices are expected to see a much-needed recovery.
“Right now, what Africa needs is increased stability, not market volatility. The OPEC meeting this week led by Bruno Itoua has resulted in the stability the continent needs as well as an increase in oil prices. For everyday people, the decisions made during this meeting will be key,” states NJ Ayuk, Executive Chairman of the African Energy Chamber, adding that, “It is great to see Minister Itoua working so closely with both national and international oil companies to create a stable oil market in Africa. Since the onset of the COVID-19 pandemic, the world has faced significant challenges that have created constantly fluctuating markets and price volatility for consumers. Now, with Bruno Itoua leading the drive towards stability, consumers can expect more consistency and predictability across the oil market.”
Leading OPEC, Bruno Itoua has shown his steadfast commitment to working with a variety of stakeholders under a common goal of stabilizing markets and making energy poverty history in Africa by 2030. Following the decision to cut production, Bruno Itoua is expected to hold discussions with producers on how the cartel can leverage market stability to create more jobs and provide new services across the African energy market. For everyday people, market stability will be key for ensuring strong and stable socioeconomic growth in the aftermath of the COVID-19 pandemic.
The discussions held at the OPEC meeting this week serve as a form of prelude to the conversations, meetings and deal-signing sessions that will be held during Africa’s premier event for the oil and gas sector, African Energy Week (AEW) – taking place from October 18-21 this year in Cape Town. Uniting African energy leaders, global financiers and mover and shakers from across the global oil and gas space, AEW 2022 is set to trigger newfound growth across the continental energy market, and the market stability brought in by OPEC this week will only further this agenda.
Distributed by APO Group on behalf of African Energy Week (AEW).
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African Energy Week (AEW) 2022:
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.
Source: Apo-Opa
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