OPEC and Africa— a partnership built to last

OPEC Bulletin Commentary – January-February 2024

In this edition of the OPEC Bulletin, Africa is featured prominently through a diverse range of stories that highlight Africa’s crucial role as a global oil and gas producer and OPEC’s deep ties to the continent, dating back to the Organization’s founding in 1960.

Our coverage of Africa in this issue begins in January 2024, when Secretary General, Haitham Al Ghais, embarked upon his first mission of the year, travelling to Africa for official visits to the Republic of the Congo and Gabon.

During these visits, the Secretary General was received in meetings at the highest levels, a testament to the strong support OPEC receives from its African Members.

During a meeting with Congo’s President, Denis Sassou Nguesso, in Brazzaville, Al Ghais lauded the country for its excellent contributions in serving as President of the OPEC Conference in 2022 and for its ongoing supportive role within the Organization.

“Your Excellency, we, at OPEC, are grateful for Congo’s exemplary leadership and unwavering commitment to the objectives of the Organization,” he said. “The year 2022, during which Congo held the rotating Presidency of the OPEC Conference, continues to serve as a testament to the Member Country’s instrumental role.”

The Secretary General then travelled to Gabon for his first-ever visit there. In a meeting with Brice Clotaire Oligui Nguema, President of the Transition and Head of State, Al Ghais emphasized Gabon’s steadfast support for OPEC and its efforts to promote stability in the global oil and energy markets.

“Gabon’s continued commitment towards OPEC and the Declaration of Cooperation is highly appreciated,” he said. “We are thankful for Your Excellency’s continuous, valuable support, and we look forward to deepening the cooperation with Gabon and strengthening this relationship, especially during this year, in which Gabon holds the Presidency of the OPEC Conference.”

In addition to these key Member Country visits, OPEC hosted its third high-level Dialogue with Africa on the sidelines of the Egypt Energy Show in Cairo in February.

The annual Dialogue initiative brings together OPEC, the African Union, the African Petroleum Producers’ Organization and the African Refiners and Distributors Association to discuss key energy-related issues relevant to the continent and its energy industries.

During the event, the Secretary General highlighted the key role Africa continues to play within OPEC and as a key oil and gas producer.

“Excellencies, allow me to begin by thanking each one of you for your ongoing support for this important Dialogue, which is now in its third edition and continues to move from strength to strength,” he stated. “With six of our Member Countries hailing from this continent, OPEC’s relations with Africa continue to thrive and deepen, as witnessed by the ongoing success of this event.”

In this issue, we also provide an in-depth look at Nigeria’s groundbreaking Dangote refinery, which, when fully operational, will be the largest single-train refinery in the world.

And finally, we take you on a tour of some of Congo and Gabon’s most stunning natural wonders, some of which are on UNESCO’s list of World Heritage Sites.

The theme woven throughout these stories is evident — Africa is and will continue to be a dynamic and leading player, not only within OPEC, but also on the global energy scene for years to come. Moreover, it is good to be reminded that Africa is more than just energy. In this regard, we take a step outside our usual energy focus to celebrate the continent’s seemingly boundless cultural and natural heritage.

To conclude, we leave you with the words of Secretary General Al Ghais who has eloquently summed up the special relationship that Africa and OPEC share — a relationship that, he says, is driven by commonality and unity of purpose.

“Whether it is industry investment, energy transitions, climate financing or energy poverty, OPEC and Africa are on the same team and fighting the same battle,” he said. “Together, let us continue to collaborate closely and speak with one voice on these critical matters.”

OPEC Bulletin January-February 2024

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